Bristol-Myers Squibb announces Inhibitex takeover

Bristol-Myers Squibb has announced plans to acquire Inhibitex, a clinical-stage biopharmaceutical company specialising in the treatment of hepatitis C virus (HCV).

A $2.5 billion (1.61 billion pounds) transaction has been agreed, with the boards of directors of both companies ratifying the move as a means of securing long-term benefits.

Inhibitex is dedicated to the development of treatments for serious infections, with its current primary focus being nucleotide/nucleoside analogues for use among HCV patients.

Its lead asset is INX-189, an HCV therapy that has demonstrated promise in phase II clinical trials and has the potential to become a key element of oral combination treatments for millions of patients.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, said: "There is significant unmet medical need in hepatitis C. This acquisition represents an important investment in the long-term growth of the company."

Earlier this month, Bristol-Myers Squibb was named the best large drug company of the year by Forbes magazine, based on its achievements during 2011.