Last $98.14 USD
Change Today +0.40 / 0.41%
Volume 1.5M
VRTX On Other Exchanges
As of 8:10 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

vertex pharmaceuticals inc (VRTX) Snapshot

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07/11/14 - $99.74
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11/12/13 - $58.06
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vertex pharmaceuticals inc (VRTX) Details

Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing, and commercializing small molecule drugs for patients with serious diseases. It markets KALYDECO in the United States and European Union as a treatment for the patients with cystic fibrosis six years of age and older who have the G551D mutation in their cystic fibrosis transmembrane conductance regulator (CFTR) gene. The company also provides INCIVEK in the United States and Canada for the treatment of adults with genotype 1 hepatitis C virus infection, as well as markets telaprevir in other international markets. It also develops Ivacaftor in combination with CFTR corrector compounds, which is in Phase III development program; and evaluates VX-661, a second investigational CFTR corrector, in combination with ivacaftor, in Phase II clinical development. The company identifies and develops next-generation CFTR corrector compounds that evaluate in regimens combining ivacaftor with two CFTR corrector compounds. It is involved in various other research and early-stage development programs, including programs in the areas of oncology, multiple sclerosis, and other serious and rare diseases. Vertex Pharmaceuticals Incorporated has collaboration agreements with Janssen Pharmaceutica NV and Mitsubishi Tanabe Pharma Corporation. The company was founded in 1989 and is headquartered in Boston, Massachusetts.

1,800 Employees
Last Reported Date: 02/11/14
Founded in 1989

vertex pharmaceuticals inc (VRTX) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $1.0M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $583.0K
Chief Scientific Officer, Executive Vice Pres...
Total Annual Compensation: $619.8K
Chief Commercial Officer and Executive Vice P...
Total Annual Compensation: $553.8K
Chief Legal Officer and Executive Vice Presid...
Total Annual Compensation: $465.0K
Compensation as of Fiscal Year 2013.

vertex pharmaceuticals inc (VRTX) Key Developments

Momenta Pharmaceuticals, Inc. and Vertex Pharmaceuticals Incorporated Enter into Fourth Amendment to Sublease Agreement

On July 15, 2014, Momenta Pharmaceuticals, Inc. and Vertex Pharmaceuticals Incorporated entered into the fourth amendment to the sublease agreement for Momenta’s corporate headquarters at 675 West Kendall Street, Cambridge, Massachusetts. The amendment provides that the original sublease for the premises, as previously amended, will be extended for the period commencing on May 1, 2015 and ending on April 30, 2018 and that annual base rent for the premises payable by the company during the extension period will be $4,824,921, or $61.50 per square foot.  The amendment will become effective upon the date that Vertex’s landlord for the premises consents to the amendment.

Peter Mueller Retires as Executive Vice President of Global Research and Development and Chief Scientific Officer of Vertex Pharmaceuticals Incorporated, Effective October 31, 2014

Vertex Pharmaceuticals Incorporated announced that Peter Mueller, Ph.D., Executive Vice President of Global Research and Development and Chief Scientific Officer, will retire after more than 10 years with the company. Dr. Mueller's retirement will be effective October 31, 2014, following a planned transition period. Jeffrey A. Chodakewitz, M.D., Vertex's Senior Vice President of Global Medicines Development and Medical Affairs and Chief Medical Officer, will continue to oversee all global clinical development programs and other related functions and will now assume additional responsibility for Regulatory Affairs and Global Patient Safety. Vertex expects to appoint a Head of Global Research to oversee the company's drug discovery efforts following Dr. Mueller's retirement.

Vertex Pharmaceuticals Incorporated Enters into Credit Agreement

On July 9, 2014, Vertex Pharmaceuticals Incorporated entered into a credit agreement with the lenders party thereto, and Macquarie US Trading LLC as administrative agent. The credit agreement provides for a $300 million senior secured term loan. The credit agreement also provides that, subject to satisfaction of certain conditions, the company may request that the lenders establish an incremental senior secured term loan facility in an aggregate amount not to exceed $200 million. The credit agreement is intended to strengthen financial position as it invest in key development programs in cystic fibrosis and in research for future medicines, including potential collaborations to support priority programs. The credit agreement has a term of three years and provides for an initial 12-month period where it will pay only interest, followed by a two-year amortization period where it will pay interest and repay the principal of the loan. The majority of the principal will be repaid in the third year of the three-year term. The loan initially bears interest at a rate of 7.2% per annum but shall be reduced to 6.2% per annum on the later to occur of (i) FDA approval in the United States of a product with a label claim for treating patients with cystic fibrosis 12 years of age and older who are homozygous with the F508del mutation, or FDA Approval, and (ii) the one year anniversary of the closing, in each case, until the second anniversary of the closing. On and after the second anniversary of the closing, the loan will bear interest at a rate per annum equal to LIBOR plus 5.0% to 7.5% depending on the receipt of FDA Approval. The maturity date of all loans under the facilities is July 9, 2017. Interest is payable quarterly and on the maturity date. It are required to repay principal on the loan in installments of $15 million per quarter from October 1, 2015 through July 1, 2016 and in installments of $60 million per quarter from October 1, 2016 through the maturity date. It may prepay the loans, in whole or in part, at any time; provided that prepayments prior to the second anniversary of the closing are subject to a make-whole premium. The obligations under the facilities are unconditionally guaranteed by certain of domestic subsidiaries. All obligations under the facilities, and the guarantees of those obligations, are secured, subject to certain exceptions, by substantially all of assets and the assets of all guarantors, including the pledge of all or a portion of the equity interests of certain of subsidiaries. The credit agreement requires that it maintain, on a quarterly basis, a minimum level of KALYDECO net revenues. Further, the credit agreement includes negative covenants, subject to exceptions, restricting or limiting ability and the ability of subsidiaries to, among other things, incur additional indebtedness, grant liens, engage in certain investment, acquisition and disposition transactions, pay dividends, repurchase capital stock and enter into transactions with affiliates. The credit agreement also contains customary representations and warranties, affirmative covenants and events of default, including payment defaults, breach of representations and warranties, covenant defaults and cross defaults.


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