Bristol-Myers Agrees to Acquire ZymoGenetics
September 8, 2010
Bristol-Myers Squibb has agreed to acquire ZymoGenetics, the maker of a hepatitis C drug the companies were jointly developing, for $885 million, according to Bloomberg News. The offer of $9.75 a share in cash was an 84 percent premium to ZymoGenetics’s closing stock price on Tuesday. 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. Bristol-Myers said the acquisition fit its goal of finding new treatments as its existing drugs faced generic competition. Both companies have approved the deal and the board of ZymoGenetics is recommending that shareholders support the bid.