Whitehouse Station-based Merck announced Friday that it has initiated its cash tender offer to purchase the outstanding shares of common stock of Idenix Pharmaceuticals Inc.
On June 9, Merck announced its intent to acquire Idenix for $24.50 per share. The transaction values Idenix at approximately $3.85 billion.
Following the purchase, Idenix will become a wholly owned subsidiary of Merck.
Merck plans to file the terms of the offer Friday with the U.S. Securities and Exchange Commission.
MacKenzie Partners Inc. is the information agent, and Credit Suisse is the financial advisor for Merck. Merck is being legally represented by Hughes Hubbard & Reed LLP. Centerview Partners is the financial advisor to Idenix, and Idenix is being represented by Sullivan & Cromwell.
ALSO ON NJBIZ: