Bristol-Myers Will Buy ZymoGenetics for $885 Million |
| Bloomberg - Sep 7, 2010 |
Bristol-Myers Squibb Co. said it plans to buy ZymoGenetics Inc., the maker of a hepatitis C drug the companies are jointly developing, for $885 million.
The offer of $9.75 a share in cash is an 84 percent premium on today’s closing share price for Seattle-based ZymoGenetics. The deal is valued at $735 million excluding cash acquired in the purchase, New York-based Bristol-Myers and ZymoGenetics said today in a statement. Bristol-Myers said the acquisition is expected to reduce earnings about 3 cents a share in 2010 and about 7 cents a share in 2011.
The companies entered into a $1.1 billion agreement in January 2009 to co-develop and share profits for ZymoGenetics’s hepatitis C drug PEG-interferon lambda. The treatment is a “great opportunity” for Bristol-Myers, said Gregory Wade, an analyst with Pacific Growth Equities LLC in San Francisco.
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- Posted: 2010-09-07 21:21:09
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