The new company would be headquartered in Canada. Roche remained one of the M&A holdouts during the latest frenzy. Roche's offer of $74 a share represents a 38% premium over B.A., 1987, University of California, Berkeley, J.D., 1998, University of Chicago Law School, J.D., 1986, Georgetown University Law Center, B.A., 1977, State University of New York, Albany, J.D., 1990, University of California, Berkeley, School of Law, B.S., 1983, University of California, Davis, InterMunes $8.9Billion Acquisition by Roche, RWE AGs $6.8Billion Acquisition of Con Edison Clean Energy Businesses, ADTs $1.2Billion Equity Investment from State Farm, Texas Capital Banks $3.4Billion Sale of BankDirect Capital Finance to Truist, Global Blood Therapeutics $5.4Billion Acquisition by Pfizer. The company's products are approved for the treatment of patients with severe, malignant osteopetrosis and chronic granulomatous disease. LONDON/ZURICH (Reuters) - Roche Holding AG has agreed to buy U.S. biotech company InterMune Inc for $8.3 billion in cash, helping the world's leading maker of cancer drugs expand into the. About. Consensus forecasts compiled by Thomson Reuters Pharma peg annual sales at greater than $1 billion in 2019 a nice addition to Roches stable of pulmonary compounds including Xolair (asthma) and Pulmozyme (cystic fibrosis). By Christian Nordqvist Published Aug 25, 2014 at 1:58 AM GMT A Roche InterMune acquisition deal worth $8.3 billion has been agreed by the two companies. Startups with experimental lung drugs have attracted heavy deal interest not only because of the market's size but also because research is pointing the way to new and better treatments. Copy. Cravath, Swaine & Moore LLP. Drugs treating respiratory conditions like asthma generate about $33 billion in world-wide sales each year, according to EvaluatePharma. GlaxoSmithKline, Shares popped nearly 15% as. Sample 1. Celebrating 200 years of partnership. Roche, which focuses on cancer, autoimmune diseases and diagnostic tools, hasn't been much of a player in respiratory treatment. Consequently, the brain and other organs in the body do not get enough oxygen. Esbriet aims to treat a lung-scarring condition called idiopathic pulmonary fibrosis, which currently lacks an approved therapy in the U.S. Pharmaceutical executives look for such opportunities because companies can charge high prices for new drugs involving poorly treated diseases. Opinions expressed by Forbes Contributors are their own. From a business standpoint, the AstraZeneca acquisition also makes great business sense. The Chicago Fed National Activity Index rose to 0.39 in July, versus economists expectations for a reading of 0.20. Market Business News - The latest business news. which depends heavily on an aging asthma drug called Advair for sales, is launching two new therapies for COPD. The Brisbane, Calif.-based company has one product, pirfenidone, a treatment for idiopathic pulmonary fibrosis (IPF), a progressive and ultimately fatal lung disease. https://online.wsj.com/articles/roche-to-acquire-intermune-for-8-3-billion-1408896002. Under the terms of the transaction, AbbVie will pay $261.25 per share comprised of a mix of cash and AbbVie equity. Our offer provides significant value to InterMunes shareholders and this acquisition will complement Roches strengths in pulmonary therapy., We look forward to welcoming InterMune employees into the Roche Group and to making a difference for patients with idiopathic pulmonary fibrosis, a devastating disease.. Those include an agreement signed to acquire Seragon Pharmaceuticals for $725 million in July and deals for diagnostics companies IQuum and Genia Technologies earlier this year, both of . I cover news on drugs and R&D in the pharma industry. Competition to make headway in the respiratory market has already been heating up. Meanwhile, the German DAX rose 1.83 percent and the French CAC 40 surged 2.10 percent. Attorney Advertising. The Swiss company has only two such drugs on sale in the U.S.: Xolair for severe and allergic asthma and Pulmozyme for cystic fibrosis. In commodity news, oil traded down 0.12 percent to $93.54, while gold traded down 0.27 percent to $1,276.80. We look forward to welcoming InterMune employees into the Roche Group and to making a difference for patients with idiopathic pulmonary fibrosis, a devastating disease.. Rival drugmaker, Boerhinger Ingelheim has an IPF drug candidate called nintedanib, which the FDA is currently reviewing. Idiopathic pulmonary fibrosis generally affects middle-aged males and older adults. Cravath is representing Texas Capital in connection with the transaction. InterMune is a biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases. While still under review by U.S. regulatory authorities, Roches acquisition signals its belief that pirfenidone will also gain U.S. approval. As Roche CEO, Severin Schwan, said in the press release announcing the merger: While Roche was making this move, rumors have again surfaced that Pfizer will make another run at acquiring AstraZeneca. This behavior was not unique in Pfizers history, as it had made previous similar acquisitions for Warner-Lambert ($112 billion in 2000), Pharmacia ($60 billion in 2004) and Wyeth ($68 billion in 2009). The drug also could potentially treat other diseases marked by tissue scarring in the liver and kidney. closing share price on Friday of $53.80, and a 63% premium before takeover speculation surrounding the biotech started circulating this month. But over the past few years, Roches M&A strategy has focused on bolt-on acquisitions. Data Snapshot. Leju Holdings (NYSE: LEJU) was down, falling 4.73 percent to $17.54 after surging around 36.2% in the previous month. The acquisition adds to AbbVie's already comprehensive pipeline and strong growth prospects. From August 2002 to January 2003, Mr. Welch served as Chairman and Chief Executive . Conversely, the Pfizer folks are again wondering if another major acquisition is imminent and whether they will again be threatened with the loss of their jobs. How big a product can pirfenidone be? The disease tends to attack middle-aged and older adults. Swiss drugmaker Roche has signed a definitive merger agreement to acquire InterMune for around $8.3bn. Benzinga does not provide investment advice. BASEL, Switzerland, Aug. 24, 2014 /PRNewswire/ -- Roche and InterMune, Inc. today announced they have entered into a definitive merger agreement for Roche to fully acquire InterMune at a. InterMune (NASDAQ: ITMN) shares shot up 35.49 percent to $72.89 after Roche (OTC: RHHBY) announced its plans to acquire InterMune for $74.00 per share in cash. milestone payments), takes Roche's cumulative announced acquisition spend so far in 2014, to USD10.8bn, which will be financed by a combination of cash, commercial paper and bond issuance. Basic Info. LONDON/ZURICH, Aug 24 (Reuters) - Roche Holding AG has agreed to buy U.S. biotech company InterMune Inc for $8.3 billion in cash, marking the latest multibillion-dollar deal in a consolidating. The medication has been approved for idiopathic pulmonary fibrosis (IPF) in the European Union and Canada, where it is marketed as Esbriet. Integral to our story is our culture. Shares of Qihoo 360 Technology Co (NYSE: QIHU) were down 6.93 percent to $94.70 after the company reported Q2 results. The company's former chief executive, W. Scott Harkonen, was convicted of wire fraud for issuing a news release that prosecutors said was an effort to promote off-label sales of that drug. High Related Markets. After the equity investment and tender offer close, State Farm will own approximately 15% of ADT. InterMune is a Brisbane, California based biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and fibrotic diseases. InterMune is "focused on the research, development and. Roche will fully acquire InterMune for US$ 74.00 per share in an all-cash transaction corresponding to a total transaction value of US$ 8.3 billion. The driver for Roche was to gain access to InterMune's drug, pirfenidone (trade name,. rather than boost its $6.7 billion offer. Under terms of the acquisition agreements, InterMune has made total upfront payments of $13.5 million. Goldman Sachs calculated and analyzed the acquisition premia paid in mergers and acquisitions transactions in the biotechnology industry involving publicly traded targets announced since May 2010 where the consideration paid implied an enterprise . Cravath is representing ADT in connection with the transactions. Positive trial results posted earlier this year lend hope for approval by the U.S. Food and Drug Administration as early as November. The all-cash deal values InterMune at $74 per share, or a 38% premium to Friday's . Roche has agreed to pay $8.3 billion in cash to acquire InterMune. The Swiss multinational giant is willing to pay a high price for the Californian company that has a drug for idiopathic pulmonary fibrosis, which has not yet turned a profit. The acquisition is a symbol of a much bigger trend..ITMN. Our history mirrors that of our nation. InterMune Agreement means the Product Acquisition Agreement by and between Seller and InterMune, dated November 28, 2005. The Swiss pharma major has agreed to acquire California-based InterMune for $74 per share in cash in order to gain control of a pipeline of respiratory and fibrotic disease therapies including Esbriet (pirfenidone) for idiopathic pulmonary fibrosis (IPF), which is already on the market in the EU and Canada and is under regulatory review in the US. As the tissue gets thicker it becomes more difficult for the lungs to move oxygen into the bloodstream. The acquisition, which has been recommended by the boards of both companies, is the largest by Roche since 2009, when it . Roche InterMune acquisition deal worth $8.3 billion agreed. Contact Email ir@intermune.com. However, economists were expecting a reading of 58.00. In the acquisition, Roche will be. Shares of Burger King Worldwide . 2014 has been one of the busiest years for pharmaceutical deal makers. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Companies notched $87 billion in deals through June, more than all of last year and on pace to exceed the peak in recent years of $152 billion in 2009, according to EvaluatePharma. On October 1, 2022, RWE AG (RWE), a leading renewable energy company, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc., a leading operator and developer of renewable energy plants in the United States, for a purchase price based on an enterprise value of $6.8billion. Roche has just announced the acquisition of the U.S. biotech company InterMune for $8.3 billion. Roche Holding has agreed to buy U.S. biotech company InterMune for $8.3 billion in cash, marking the latest multibillion-dollar deal in a consolidating pharmaceutical sector. While Roche was making this move, rumors have again surfaced that Pfizer will make another run at acquiring AstraZeneca. For InterMune, located in Brisbane, Calif., the deal marks a turnabout from several near-death experiences since its formation a dozen years ago. Cramer: Behind Roche's InterMune Deal The acquisition is a symbol of a much bigger trend. We believe the $74 . European shares were higher today. Zippia gives an in-depth look into the details of Intermune, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Intermune. The Swiss drugmaker. 87990cbe856818d5eddac44c7b1cdeb8, Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved, InterMune Says Lung Disease Drug Succeeds in Late-Stage Study, Get 15% off AE promo code with text alerts, Kohl's coupon - 30% off sitewide for Rewards members, Layoffs Hit Tech as Amazon, Lyft Warn of Downturn, Home Buyers Are Moving Farther Away Than Ever Before. IPF is a deadly lung-scarring disease which affects 50,000 70,000 people in the U.S. and 80,000 to 110,000 in Europe. Scar tissue buildup in the lung becomes so thick that lungs have trouble supplying the brain and other organs with oxygen. In pulmonology, they are focused on therapies for the treatment of idiopathic pulmonary fibrosis (IPF), a progressive . Write to Jonathan D. Rockoff at jonathan.rockoff@wsj.com and Hester Plumridge at Hester.Plumridge@wsj.com, Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved.
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