Idenix Pharmaceuticals, Inc., a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, announced that Novartis Pharma AG has decided not to exercise its option to license IDX184, a novel liver-targeted prodrug of 2'-methyl guanosine nucleotide, for the treatment of HCV. As a result, Idenix retains the worldwide rights to develop, commercialize and license IDX184 without any further obligation to Novartis.

"As we continue to develop IDX184, we look forward to seeking a partner that will assist us in maximizing the value of this asset," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix.

IDX184 is a novel, liver-targeted 2'-methyl guanosine nucleotide prodrug, which includes Idenix's proprietary liver-targeting technology. This technology enables the delivery of nucleoside monophosphate to the liver, leading to the formation of high levels of nucleoside triphosphate, potentially maximizing drug efficacy and limiting systemic side effects with low, once-daily dosing.