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NEW YORK — The regulatory waiting period standing between Bristol-Myers Squibb and its acquisition of drug maker Inhibitex has expired, giving Bristol the green light to buy the company.
Bristol said Friday that the expiration of the waiting period, mandated by the Hart-Scott-Rodino Antitrust Improvement Act of 1976, would allow it to acquire Inhibitex for $26 per share.
The New York-based drug maker announced its plan to buy Alpharetta, Ga.-based Inhibitex for $2.5 billion early last month. Inhibitex develops drugs for treating hepatitis C, including INX-189, currently in phase-2 trials.