Lust for biotech: Roche buys Anadys
Basel/San Diego –Swiss drug company Roche has announced it is buying biotech-company Anadys Pharmaceuticals for US$230 million. Under the terms of the merger agreement, Roche will commence an all cash tender offer for all outstanding shares of common stock of Anadys at USD 3.70 per share. The offer price represents a 256% premium over the closing price on October 14, 2011. All in all, Roche is willing to pay EUR 167million for Anadys. Each of Anadys' directors and executive officers has agreed to tender their shares in the offer. Based in San-Diego, California, Anadys develops oral, small molecule therapeutics for the potential treatment of hepatitis C virus infection. Setrobuvir, Anadys'most advanced drug candidate, is a direct-acting antiviral compound that is currently being evaluated by Anadys in a phase II study in combination with Roche's pegylated interferon (Pegasys) and ribavirin (Copegus). "This acquisition augments Roche's already strong HCV portfolio", said Jean-Jacques Garaud, Global Head of Roche Pharma Research and Early Development. Anadys' compounds provide additional modes of action that could lead to interferon-free treatment regimens without viral resistance."