Bristol-Myers Squibb Co. (NYSE: BMY) announced during morning trading in the stock market today that it will buy Alpharetta, Ga. based Inhibitex, Inc. (NASDAQ: INHX) for nearly $2.5 billion. Pending approval of the boards of directors of both companies, INHX is up over 140% today and over 500% since our first alert on INHX on November 4th.
The JP Morgan Healthcare Conference is well underway in S.F., California and companies in this sector will be breaking news like this as the week continues. One such hopeful company is Generex Biotechnoloy (OTCBB: GNBT) which has completed Phase II trials of their breast cancer vaccine. Hopes are that as we have alerted on GNBT that its chart will soon look similar to the following INHX chart below since the November 4th alert.
Inhibitex (NASDAQ: INHX) is a clinical-stage biopharmaceutical company developing products that can treat or prevent serious infections, whose primary focus is on the development of nucleotide/nucleoside analogs for the treatment of hepatitis C virus (HCV).
Inhibitex’s lead product is INX-189 is in Phase II development and has exhibited potent antiviral activity. Nucleotides/nucleosides are emerging as an important class of antivirals that may play a critical role as the backbone of future direct-acting antiviral-only combination approaches to HCV treatment.
Inhibitex ended the year with a $22.7 million loss in 2010 due to higher research and development expenses associated with a Phase 2 clinical trial of FV-100, the start of a Phase 1 clinical program for INX-189, an increase in other non-direct research and development costs, higher general and administrative expense and lower net interest income.
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