Bristol-Myers Squibb to buy Inhibitex for $2.5 billion

January 8, 2012

Pharmaceutical giant Bristol-Myers Squibb Company announced it was acquiring Inhibitex, Inc., a company specializing in treatment of hepatitis C, for $2.5 billion (1.9 billion euros).

The transaction has been approved by the boards of directors of both companies, the Saturday announcement said.

Inhibitex has been focusing on development of nucleotide medicines designed for treatment of hepatitis C.

Its lead product under development, known as INX-189, has displayed potent antiviral abilities, experts said.

"The acquisition of Inhibitex builds on Bristol-Myers Squibb's long history of discovering, developing and delivering innovative in virology and enriches our portfolio of investigational medicines for hepatitis C," Lamberto Andreotti, of Bristol-Myers Squibb, said in a statement.

"There is significant unmet medical need in ," he added. "This acquisition represents an important investment in the long-term growth of the company."

Russell Plumb, president and CEO of Inhibitex, said the transaction puts INX-189 and his company's other assets in the hands of an organization that can "more optimally develop them."

Bristol-Myers Squibb will finance the acquisition, which is expected to be completed in about a month, from its existing cash resources, officials said.

Explore further: AIDS drug offered free to the Third World

Related Stories

Trials begin on potent new hepatitis C drug

May 14, 2010

The first clinical trials have started on a new investigational drug, discovered by researchers at Cardiff University, which is being developed to treat infections caused by Hepatitis C virus.

Initial Hepatitis C drug trial complete

September 2, 2010

The first clinical trials on a new investigational drug being developed to treat infections caused by Hepatitis C virus have been successfully completed.

Bristol-Myers Squibb sees 3Q profit dip 2 percent

October 26, 2010

(AP) -- Bristol-Myers Squibb Co. posted a slight decline in third-quarter profit Tuesday as its restrained spending was offset by flat sales of its drugs, lower income from its partners and bigger discounts to government ...

Recommended for you

Treatment options for opioid addiction are expanding

August 10, 2016

In the past two decades, the devastation associated with opioid addiction has escaped the relative confines of the inner city and extended to suburban and rural America. Due in large part to the proliferation of prescription ...

Can exercise be replaced with a pill?

October 2, 2015

Everyone knows that exercise improves health, and ongoing research continues to uncover increasingly detailed information on its benefits for metabolism, circulation, and improved functioning of organs such as the heart, ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.