Vertex Pharmaceuticals to seek regulatory OK for telaprevir hepatitis drug in 2nd half of 2010

Vertex to ask for telaprevir OK later in 2010

CAMBRIDGE, Mass. — Biotechnology company Vertex Pharmaceuticals Inc. said Monday it plans to seek regulatory approval of the experimental hepatitis C drug telaprevir as scheduled during the second half of 2009.

Telaprevir is one of several potential hepatitis C treatments in development. If approved, it could face competition from Schering-Plough Corp.’s experimental hepatitis C drug boceprevir.

Meanwhile, the company will tell investors at a conference it expects a loss of less than $650 million in fiscal 2009, versus a loss of $459.9 million in fiscal 2008, or $397.5 million on an adjusted basis.

Vertex has about $1.3 billion in cash, cash equivalents and marketable securities.

The company will report 2009 financial results and provide a 2010 outlook on Feb. 4.

Shares of Vertex rose $1.28, or 3.2 percent, to $41.95 in midday trading.