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Monday, June 16, 2014
Shares of Idenix Pharmaceuticals Inc.
(NASDAQ:IDIX) more than tripled last week after Merck & Co. Inc.
(NYSE:MRK) said it will acquire Idenix for $24.50 per share in cash, or about
$3.9B. The proposed takeout pushed the biotech's shares over $20 for the first
time since 2006.
Idenix shares have largely traded below $10 for the
past seven years, with the exception of a short-lived bump in early 2012 when
Bristol-Myers Squibb Co. (NYSE:BMY) acquired another HCV play, Inhibitex
Inc., for $2.5B. Over the years, Idenix has persevered through a number of
setbacks, including the discontinuation of HCV compounds IDX320, IDX184 and
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