Merck will spend nearly USD 4 billion for Idenix Pharmaceuticals with a per-share bid worth more than triple the per-share price of the hepatitis C drug developer.
Merck & Co says the Cambridge, Massachusetts, company has built a promising portfolio of hepatitis C treatments, including three in clinical testing
Merck will spend USD 24.50 per share in cash for each share, which closed at USD 7.23 Friday. Shares of Idenix Pharmaceuticals Inc soared almost 240 percent in premarket trading Monday. The boards of both companies have approved the deal.
Drugmakers are racing to develop new, potentially lucrative treatments for the blood-borne disease, which causes liver damage. The pill Sovaldi racked up more than USD 2 billion in sales for Gilead Sciences in its first full quarter. Merck is based in Whitehouse Station, New Jersey.
