NEW YORK — The biopharmaceutical maker Bristol-Myers Squibb Co. has reached an agreement to acquire clinical-stage biopharmaceutical company Inhibitex, Inc.
Bristol-Myers (NYSE: BMY), based in New York City, will pay approximately $2.5 billion for Inhibitex (NASDAQ: INHX), which is based in Alpharetta, Ga., outside of Atlanta. Bristol-Myers plans to purchase Inhibitex stock for $26 per share in cash. It will finance the deal using existing cash resources.
The acquisition gives Bristol-Myers, which employs about 420 people at a site in DeWitt, an antiviral drug Inhibitex is developing to treat the hepatitis C virus. That drug, INX-189, is in Phase II development.
(Sponsored)
Does Your Nonprofit Need an Annual Audit?
Many people wonder if a nonprofit needs an annual audit, and the answer is—it depends.Although there is no federal requirement that all tax-exempt organizations undergo an audit, many possible triggers
How To Seamlessly & Responsibly Integrate AI Into the Workplace
Artificial intelligence (AI) is one of the hottest topics in today’s tech and office technology thought leadership. Everyone seems to be aware of the capabilities of AI, but some might
“The acquisition of Inhibitex builds on Bristol-Myers Squibb’s long history of discovering, developing, and delivering innovative new medicines in virology and enriches our portfolio of investigational medicines for hepatitis C,” Bristol-Myers CEO Lamberto Andreotti said in a news release.
