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Bristol-Myers scoops Inhibitex for $2.5bn

This article was originally published in Scrip

Executive Summary

As predicted in the latest Scrip Pharma Trends, the hepatitis C space is hotting up further. Less than two months after Gilead Sciences offered an eye-watering $11 billion to buy Pharmasset, Bristol-Myers Squibb is acquiring Inhibitex for $26 a share, valuing the company at $2.5 billion. The offer represents a 163% premium to the $9.87 Inhibitex share price at the close of markets on 6 January. The Inhibitex board has agreed to not solicit any competing offers for its company.

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