The acquisition of Idenix is expected to expand Merck’s portfolio of investigational therapies for hepatitis C.
Merck Research Laboratories president Roger Perlmutter said Idenix has established a promising portfolio of hepatitis C candidates based on its expertise in nucleoside/nucleotide chemistry and prodrug technologies.
"Idenix’s investigational hepatitis C candidates complement our promising therapies in development and will help advance our work to develop a highly effective, once-daily, all oral, ribavirin-free, pan-genotypic regimen that has a duration of treatment as short as possible for millions of patients in need around the world," Perlmutter said.
As part of the deal, Merck will start a tender offer through a subsidiary to acquire all outstanding shares of Idenix for $24.50 per share in cash.
Upon completion of the tender offer, which will be subject to customary conditions, Merck will purchase all remaining shares of Idenix through a second-step merger.
The transaction, which is expected to be closed in the third quarter of 2014, has been approved by the boards of directors of both companies.
Primary focus of Idenix is on the development of next-generation oral antiviral therapeutics to treat hepatitis C virus (HCV) infection.
Currently, the company has three HCV drug candidates in clinical development: two nucleotide prodrugs (IDX21437 and IDX21459) and a NS5A inhibitor (samatasvir).