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NEW YORK — Bristol-Myers Squibb is buying Inhibitex for $2.5 billion, the companies said.
In a $26-per-share tender offer, Bristol will acquire the Alpharetta, Ga.-based developer of treatments for hepatitis C. Inhibitex's lead product is INX-189, an orally administered drug currently in phase-2 clinical trials.
"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 CEO Lamberto Andreotti said. "There is significant unmet medical need in hepatitis C. This acquisition represents an important investment in the long-term growth of the company."