Cambridge, MA, February 23, 2005 --Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) announced today that the United States District Court for the District of Massachusetts has granted its motion to dismiss a purported class action lawsuit pending before the court against certain of the Company's officers and a former employee. In the lawsuit, the plaintiffs claimed that the defendants made material misrepresentations and/or omissions of material fact regarding an investigational drug candidate. In her order dismissing the complaint, United States District Court Judge Patti B. Saris also denied the plaintiffs' motion to supplement the complaint as "futile." No consideration has been exchanged, and neither the plaintiffs nor their counsel will receive any compensation or expense reimbursement from Vertex in connection with the dismissal.
Vertex believes the District Court's decision is consistent with the Company's assertions that its disclosures and practices were both proper and timely, and that the plaintiffs' claims were without merit. If they choose to do so, the plaintiffs may appeal the court's decision.
The case was designated as In re Vertex Pharmaceuticals, Inc., Securities Litigation, Consolidated Civil Action No. 03-11852-PBS.
Vertex Pharmaceuticals Incorporated is a global biotechnology company committed to the discovery and development of breakthrough small molecule drugs for serious diseases. The Company's strategy is to commercialize its products both independently and in collaboration with major pharmaceutical companies. Vertex's product pipeline is principally focused on viral diseases, inflammation, autoimmune diseases and cancer. Vertex co-promotes the HIV protease inhibitor, Lexiva(R) with GlaxoSmithKline.
Lexiva(R) is a registered trademark of the GlaxoSmithKline group of companies.
Michael Partridge, Director, Corporate Communications, (617) 444-6108
Zachry Barber, Specialist, Media Relations, (617) 444-6470