Bristol-Myers Squibb” height=”445″ src=”https://www.pharmaceutical-technology.com/wp-content/uploads/static-progressive/bmsheadquarters.jpg” style=”padding: 10px” width=”300″ />Bristol-Myers Squibb has unveiled plans to acquire the hepatitis C specialist Inhibitex in a deal valued at approximately $2.5bn.
US-based Bristol-Myers Squibb will pay $26 per share, representing a 163% premium over its closing price on 6 January, and the Inhibitex board of directors has approved of the deal.
Other shareholders, holding 17% of the company’s common stock, have also entered into agreements with Bristol-Myers Squibb in order to support the merger.
Inhibitex’s lead compound, INX-189, is an oral nucleotide polymerase inhibitor currently in Phase II development, having demonstrated high levels of antiviral activity.
The company also has its FV-100 nucleoside inhibitor, used to reduce pain associated with shingles, in a Phase II trial, and humanised monoclonal antibody Aurexis, which is used to treat Staphylococcus aureus bloodstream infections.
The market for hepatitis C treatments is considered a large growth area, with Gilead Sciences in particular making a strong movement into the area with its $11bn acquisition of Pharmasset in November 2011.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBristol-Myers Squibb chief executive Lamberto Andreotti said: "There is significant unmet medical need in hepatitis C. This acquisition represents an important investment in the long-term growth of the company."
Last week, Bristol-Myers Squibb was named as the ‘Best Big Drug Company of 2011’ by business magazine Forbes following a year that saw the company’s share price rise 32%.
Image Caption: Bristol-Myers Squibb headquarters in New York, US.
