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.

Related Stories

Recommended for you

In most surgery patients, length of opioid prescription, number of refills spell highest risk for misuse

January 17, 2018
The possible link between physicians' opioid prescription patterns and subsequent abuse has occupied the attention of a nation in the throes of an opioid crisis looking for ways to stem what experts have dubbed an epidemic. ...

Patients receive most opioids at the doctor's office, not the ER

January 16, 2018
Around the country, state legislatures and hospitals have tightened emergency room prescribing guidelines for opioids to curb the addiction epidemic, but a new USC study shows that approach diverts attention from the main ...

FDA bans use of opioid-containing cough meds by kids

January 12, 2018
(HealthDay)—Trying to put a dent in the ongoing opioid addiction crisis, the U.S. Food and Drug Administration on Thursday slapped strict new restrictions on the use of opioid-containing cold and cough products by kids.

Taking ibuprofen for long periods found to alter human testicular physiology

January 9, 2018
A team of researchers from Denmark and France has found that taking regular doses of the pain reliever ibuprofen over a long period of time can lead to a disorder in men called compensated hypogonadism. In their paper published ...

Nearly one-third of Canadians have used opioids: study

January 9, 2018
Nearly one in three Canadians (29 percent) have used "some form of opioids" in the past five years, according to data released Tuesday as widespread fentanyl overdoses continue to kill.

Growing opioid epidemic forcing more children into foster care

January 8, 2018
The opioid epidemic has become so severe it's considered a national public health emergency. Addiction to prescription painkillers, such as oxycodone and morphine, has contributed to a dramatic rise in overdose deaths and ...

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.