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Bristol-Myers Squibb Company

Drug Names(s): Veronate

Description: Veronate is a polyclonal immune globulin product candidate that contains concentrated amounts of antibodies that target specific MSCRAMM proteins. MSCRAMM proteins are located on the surface of pathogenic organisms, such as bacteria and fungi, and play a prominent role in the process of infection. These proteins enable organisms to initiate and maintain an infection by adhering to specific sites on human tissue or implanted medical devices. Veronate is an antibody-based product designed to bind to specific MSCRAMM proteins, thereby preventing infections or reducing their severity.

It is believed that antibodies that target MSCRAMM proteins can reduce the incidence and severity of bacterial and fungal infections through two important biological mechanisms of action. First, by binding to the MSCRAMM proteins, these antibodies inhibit or block the invading organism from attaching to tissue or implanted or in-dwelling medical devices. Second, these antibodies coat the invading organism, identifying it for clearance by other cellular components of the immune system.

Deal Structure: In January 2012, Bristol-Myers Squibb and Inhibitex announced that the companies signed a definitive agreement under which Bristol-Myers Squibb will acquire Inhibitex for $26.00 per share in cash pursuant to a cash tender offer and second step merger. The transaction, with an aggregate purchase price of approximately $2.5 billion, has been approved by the boards of directors of both companies. The board of directors of Inhibitex has agreed to recommend that Inhibitexs shareholders tender their shares in the tender offer. In addition, shareholders with beneficial ownership of approximately 17% of Inhibitexs common stock have entered into agreements with Bristol-Myers Squibb to support the transaction and to tender their shares in the tender offer.

Under the terms of the definitive agreement, Bristol-Myers Squibb will commence a cash tender offer to purchase all of the outstanding shares of Inhibitexs common stock for $26.00 per share. The closing of the tender offer is subject to...See full deal structure in Biomedtracker

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