Bristol-Myers to acquire Inhibitex

Bristol-Myers Squibb Co. (NYSE:BMY) will acquire HCV play Inhibitex Inc. (NASDAQ:INHX) for $26 per share in cash, or $2.5 billion. The price is a 163% premium to Inhibitex's close of $9.87 on Friday, before the deal was announced.

Bristol-Myers will gain Inhibitex's INX-189, a phosphoramidate nucleotide analog NS5B polymerase inhibitor in Phase II testing for HCV. The pharma said the product will complement its own HCV pipeline, which includes daclatasvir ( BMS-790052), a selective HCV NS5A protein inhibitor in Phase III testing; asunaprevir ( BMS-650032), an HCV NS3 protease inhibitor in Phase II testing; and BMS-791325, a non-nucleoside HCV NS5B polymerase inhibitor in Phase II testing. ...