Merck & Co in deal to acquire Idenix for $3.85 billion
US pharma giant Merck & Co (NYSE: MRK) said today that it has entered a definitive agreement to acquire biotech firm Idenix Pharmaceuticals (Nasdaq: IDIX) for $24.50 per share in cash, 3.4 times Idenix’s closing price of $7.23 a share on Friday. Idenix shares soared almost 240% in premarket trading Monday.
The transaction, which aims to expand Merck’s position in the fast-growing and highly competitive hepatitis C therapy sector, values the purchase of Idenix at around $3.85 billion, has been approved by the boards of directors of both companies. The companies expect the transaction, which is subject to usual conditions, to close in the third quarter of this year.
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