Idenix Pharmaceuticals Inc. says its partner Novartis AG will not move ahead with optioning a license to a potential hepatitis C drug.
The move means Idenix holds on to worldwide rights for IDX-184, the company's lead drug candidate.
"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 Idenix Chairman and CEO Jean-Pierre Sommadossi in a statement late Thursday.
Analysts had expected Novartis to exercise its option to move the drug further in development, following a positive "proof-of-concept" study several months ago.
Idenix currently receives royalty payments on sales of the hepatitis B drug Tyzeka, sold overseas as Sebivo, from Novartis.
Shares of Idenix closed at $2.50 Thursday.