The low-hanging fruit is almost picked entirely clean in the hepatitis C competition as Bristol-Myers Squibb Co. reached an agreement with Inhibitex Inc. on Jan. 7 to purchase the biotech, and its promising Phase II nucleotide polymerase inhibitor INX-189, for about $2.5 billion. That price comes out to about $26 a share for the Georgia-based virology specialist, a premium of 163% over its closing price on Jan. 6.
HCV Buyup Continues As Bristol Offers $2.5 Billion For Inhibitex
Driven by a desire to acquire Phase II nucleotide polymerase inhibitor INX-189, the pharma agrees to pay a 163% premium over Inhibitex’s closing share price on Jan. 6.