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Notable Mergers and Acquisitions of the Day 1/9: [(BMY)/(INHX) (APD) (PSOF)]

January 9, 2012 10:34 AM EST
  • Late Saturday, Bristol-Myers Squibb Company (NYSE: BMY) announced a definitive agreement to acquire Inhibitex, Inc. (Nasdaq: INHX) for $26.00 per share in cash, or approximately $2.5 billion.

    The offer comes at a 163 percent premium to Inhibitex's closing price of $9.87 on Friday.

    Inhibitex's lead HCV asset is INX-189, an oral nucleotide polymerase (NS5B) inhibitor in Phase II development that has exhibited potent antiviral activity, a high barrier to resistance and pan-genotypic coverage.

    "The acquisition of Inhibitex builds on Bristol-Myers Squibb's long history of discovering, developing and delivering innovative new medicines in virology and enriches our portfolio of investigational medicines for hepatitis C,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “There is significant unmet medical need in hepatitis C. This acquisition represents an important investment in the long-term growth of the company."

    The transaction is expected to be dilutive to earnings for Bristol-Myers Squibb through 2016, with an expected impact on earnings per share of approximately $0.04 in 2012 and approximately $0.05 in 2013.

  • Air Products (NYSE: APD) today announced it has reached agreements for The Linde Group to purchase its Homecare business in Belgium, Germany, France, Portugal and Spain. The transactions are subject to regulatory approval and employee consultation requirements.

    The total purchase price for Air Products' Continental Europe Homecare business will be euro 590 MM, subject to terms agreed upon completion.

    The agreements cover the sale of Air Products' patient-based oxygen-therapy, sleep-therapy and infusion-therapy services in Continental Europe. This business serves a total patient base around 260,000 in all five countries and had revenue of approximately euro 210 MM last year.

  • Pansoft Company Limited (Nasdaq: PSOF) announced that on January 7, 2012, the Company's Board of Directors received an offer from Chairman Hugh Wang, representing Timesway Group Limited, to acquire all outstanding Pansoft shares that it did not already own at a price of $3.76 per share in a transaction under the British Virgin Islands law that would result in the Company becoming a privately-held company. The transaction is intended to be structured as a merger between the Company and a special purpose vehicle company incorporated under the British Virgin Islands law and wholly owned by Timesway. Timesway is represented by Chairman Hugh Wang and had voting power over 64% of the Company's voting securities as of June 30, 2011.

    The Company has formed a Special Committee, consisting of independent Board members Paul Gillis, Samuel Shen, and Tony Luh, to evaluate the offer. Dr. Gillis will serve as the Special Committee's chairman.

    The board of directors cautions Pansoft's shareholders and others considering trading in its securities that it has only received the proposal and that no decisions have been made by the board of directors with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.


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