Inhibitex has inked a deal to buy FermaVir Pharmaceuticals for about $19 million in shares. FermaVir CEO Geoffrey Henson will join Inhibitex as vice president of drug development. The deal gives Inhibitex control of an experimental therapy for shingles that is about to start clinical trials along with a group of preclinical drug candidates for human cytomegalovirus, which is a member of the herpes virus group.
"The acquisition of FermaVir brings us two very exciting antiviral development programs and world-class antiviral drug discovery expertise that builds on our extensive anti-infective drug development capabilities," stated Russell H. Plumb, president and chief executive officer of Inhibitex. "This transaction also represents an important step in our strategic shift to focus our resources on the development of high-value antiviral compounds. Consistent with this strategy, we are actively engaged in ongoing discussions to obtain additional development programs that will complement our emerging antiviral pipeline."
- see the press release
- read the AP report on the buyout deal