Vertex sells telaprevir royalty rights to Janssen

Vertex Pharmaceuticals (VRTX) sells its Incivo royalty rights to co-developer Janssen (JNJ) .

Janssen will pay $152M in cash to VRTX in Q4 and, starting next year, will stop making royalty payments on the protease inhibitor.

Janssen now has "sole authority to execute Incivo marketing and promotion activities" in Europe and other regions. (PR)

Q3 sales of Incivek missed consensus by a wide margin and triggered workforce reductions at VRTX, although some analysts noted that the news wasn't really all that surprising.

VRTX is increasing its FY13 cash guidance to >$1.4B.

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