Bristol-Myers Squibb completes Inhibitex takeover

Bristol-Myers Squibb has completed its takeover of Inhibitex, finalising a process that was originally commenced in January 2012.

The organisation has acquired all remaining outstanding shares in Inhibitex common stock for around $2.5 billion (1.59 billion pounds) or $26 per share, following approval from both sets of shareholders last month.

Subsequent to the completion of this process, Bristol-Myers Squibb will be delisting and deregistering Inhibitex common stock as quickly as possible, thus making the clinical-stage biopharmaceutical company a wholly-owned subsidiary.

Inhibitex specialises in products for the treatment and prevention of serious infections, with a focus on hepatitis C drugs, including its lead compound INX-189.

The takeover is intended to help Bristol-Myers Squibb to strengthen its long-term growth prospects, providing the company with access to innovative nucleotides/nucleoside technology that could become vital in future.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, noted: "There is significant unmet medical need in hepatitis C."