Bristol-Myers Squibb finalises ZymoGenetics takeover deal

Bristol-Myers Squibb has announced the completion of its deal to acquire ZymoGenetics.

The biopharmaceutical company initiated a cash tender offer for all outstanding shares of common stock of ZymoGenetics in September 2010 and has now finalised the purchase, making the business a wholly-owned Bristol-Myers Squibb subsidiary.

According to data released by the company last month, the transaction is valued at $885 million (551.9 million pounds) and allows Bristol-Myers Squibb to build on its position in the virology sector.

Among the products currently offered by ZymoGenetics is Recothrom, a topical haemostat for controlling non-arterial bleeding in surgical procedures that has already been approved by US healthcare regulators.

The company also has a number of promising compounds in the pipeline, including the hepatitis C treatment pegylated-interferon lambda, a drug that Bristol-Myers Squibb believes could play a key role in its future growth.

Lamberto Andreotti, chief executive officer at Bristol-Myers Squibb, said: "This acquisition is another example of our strategic, targeted approach to business development."