Bristol-Myers (NYSE: BMY) will buy Inhibitex (NASDAQ: IHNX) for $26 a share about 2.5x what the smaller company’s shares traded for on Friday. The entire consideration, all in case, for Inhibitex, is $2.5 billion.
BMY said it made the deal to get valuable biopharma products and research.
The big pharma said
Inhibitex is a clinical-stage biopharmaceutical company dedicated to the development of innovative products that can treat or prevent serious infections, whose primary focus is on the development of nucleotide/nucleoside analogs for the treatment of hepatitis C virus (HCV). Its lead HCV asset is INX-189, an oral nucleotide polymerase (NS5B) inhibitor in Phase II development that has exhibited potent antiviral activity, a high barrier to resistance and pan-genotypic coverage. Nucleotides/nucleosides are emerging as an important class of antivirals that may play a critical role as the backbone of future direct-acting antiviral-only combination approaches to HCV treatment.