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Merck to acquire Idenix for $3.85 billion
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Merck announced today that it will acquire Idenix Pharmaceuticals for approximately $3.85 billion, at $24.50 per share in cash, according to a company press release.
Idenix, a biopharmaceutical company that specializes in developing treatments for viral diseases, has focused on developing an antiviral treatment for hepatitis C virus infection (HCV), according to the release. Roger Perlmutter, MD, PhD, president of Merck Research Laboratories, believes Idenix’s candidates for HCV also will “complement” Merck’s developments and advance its work in the field.
“Idenix has established a promising portfolio of hepatitis C candidates based on its expertise in nucleoside/nucleotide chemistry and prodrug technologies,” Perlmutter said in a release. “Idenix’s investigational hepatitis C candidates complement our promising therapies in development and will help advance our work to develop a highly effective, once-daily, all oral, ribavirin-free, pan-genotypic regimen that has a duration of treatment as short as possible for millions of patients in need around the world.”
Idenix currently has three HCV drug candidates in development: two nucleotide prodrugs (IDX21437 and IDX21459) and samatasvir, an NS5A inhibitor, according to the release.
Under the agreement, which is expected to close in the third quarter, Merck will initiate a tender offer to acquire all outstanding shares of Idenix through a subsidiary. After the offer is complete, Merck will acquire all remaining shares through a second-step merger, according to the release.
“Merck has established a strong legacy of leadership and innovation in treating hepatitis C,” Ron Renaud, president and chief executive officer of Idenix, said in the release. “This agreement creates shareholder value by positioning Idenix’s strong portfolio of candidates for future success with a leading health care company with the experience and commitment to develop fixed-dosed combinations with the potential to impact the global burden of hepatitis C.”