Bristol-Myers Squibb agrees ZymoGenetics takeover deal

Bristol-Myers Squibb has signed a deal to acquire the therapeutic protein specialist ZymoGenetics, a move which will allow it to expand its portfolio of new drugs.

The deal, which is expected to close within 30 days of the commencement of the tender offer, has been valued at $885 million (573.3 million pounds) and has been approved by the boards of both companies.

ZymoGenetics' acquisition will allow Bristol-Myers Squibb to take control of the US Food and Drug Administration-approved surgical biologic Recothrom, as well as the promising phase IIB hepatitis C treatment pegylated-interferon lambda.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, said the deal will help the firm to strengthen its leadership in the virology sector.

He added: "ZymoGenetics brings proven capabilities with therapeutic proteins and revenue from a marketed specialty surgical biologic. This acquisition is another example of our strategic, targeted approach to business development."

Last month, Bristol-Myers Squibb published its financial report for the second quarter of 2010, during which it saw its sales increase by two per cent year-on-year to a total of $4.8 billion.