Sunday, January 08, 2012

Bristol-Myers to Acquire Inhibitex -

Drug maker Bristol-Myers Squibb Co. said it is buying hepatitis C drug developer Inhibitex Inc. for about $2.5 billion, marking the latest deal in the growing business of treating the potentially fatal virus.

The all-cash deal for $26 a share would pay Inhibitex a whopping 163% premium to its Friday closing price.

Inhibitex makes drugs for infectious diseases, including bacterial and viral infections such as shingles and chronic hepatitis C. Shares of Inhibitex closed Friday at $9.87 a share, giving the company a market capitalization of roughly $773 million.

Treatment for hepatitis C, a disease of the liver, is considered lucrative because the disease is prevalent in large sections of the global population. The virus, which can be transmitted sexually or through use of shared needles and at tattoo parlors, affects some 170 million people world-wide.

Posted via email from Jack's posterous

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