Bristol-Myers Squibb to pay US$2.5bn for Inhibitex
Adds to portfolio of investigational medicines for hepatitis C
Bristol-Myers Squibb has agreed to pay US$2.5bn for Inhibitex of Alpharetta, Georgia, US, a biopharmaceutical firm with a promising hepatitis C treatment.
The companies said the boards of directors of both companies have approved the $26 a share deal and shareholders representing 17% of Inhibitex’s common stock have already agreed to tender their shares at the offer price.
‘The acquisition of Inhibitex builds on Bristol-Myers Squibb’s long history of discovering, developing and delivering innovative new medicines in virology and enriches our portfolio of investigational medicines for hepatitis C,’ said Lamberto Andreotti, chief executive of Bristol-Myers Squibb. ‘This acquisition represents an important investment in the long-term growth of the company.’
Inhibitex is focused 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.
‘This transaction puts INX-189 and the Company’s other infectious disease assets in the hands of an organisation that can more optimally develop them and which believes as strongly as we do in INX-189’s potential in the treatment of chronic HCV,’ said Russell Plumb, president and chief executive of Inhibitex.
Elliott Sigal, executive vice president, chief scientific officer and president of r&d at Bristol-Myers Squibb, said the addition of Inhibitex’s nucleotide polymerase inhibitor to its portfolio ‘brings additional options to develop all-oral regimens with better cure rates, shorter duration of therapy and lower toxicity than the current standard of care’.
