Leading pharmaceutical company Sanofi-Aventis will discontinue its participation with IDM Pharma Inc. in the development of Uvidem, its investigational therapy for the treatment of melanoma.
The company will work with Sanofi-Aventis to conclude the Uvidem collaboration within the three-month timeframe prescribed in their agreement.
As of September 30, 2007, Sanofi-Aventis owned about 7.9 percent of IDM's stake.
"These decisions provide the company with increased flexibility in our assessment of strategic options," said Timothy P. Walbert, president and chief executive of IDM Pharma. "In addition, we are continuing to pursue potential regulatory approvals for mifamurtide (L-MTP-PE) and the possible further clinical development of IDM-2101."
Restructuring
Biopharmaceutical company IDM said it expects that restructuring, which includes workforce reduction and a review of the assets and costs associated with products under development, will significantly reduce its infrastructure and operating expenses.
The company said it will retain a core team in key functional areas and will continue to evaluate the Uvidem clinical program.
It expects to finalise the restructuring plan during the first quarter of 2008.
January 2, 2008
(Pictured - Jean-François Dehecq, Chairman Sanofi-Aventis)
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