Merck to acquire Idenix for $3.9B
Merck & Co. Inc. (NYSE:MRK) will acquire HCV company Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) for $24.50 per share in cash, or about $3.9 billion. The price is a 239% premium to Idenix's close of $7.23 on June 6, the last trading day before the deal was announced. Idenix's HCV pipeline includes: IDX21437, a uridine nucleotide analog HCV NS5B polymerase inhibitor in Phase I/II testing; IDX21459, a uridine-based nucleotide prodrug in Phase I testing; and samatasvir ( IDX719), an HCV NS5A protein inhibitor in Phase II testing. Merck said Idenix's compounds complement Merck's HCV pipeline. The pharma said it plans to start Phase II trials combining IDX21459 with its existing compounds, which include: MK-5172, an HCV NS3/4A protease inhibitor; and MK-8742, an HCV NS5A protein inhibitor.
The deal has been approved by both the boards of both companies and is slated to close next quarter. Credit Suisse is advising Merck. Centerview Partners is advising Idenix, which jumped $16.56 (229%) to $23.79 on Monday. ...