The biotechnology industry had a big day Monday after the news of Swiss pharmaceutical giant Roche agreed to acquire the U.S biotech company InterMune (NASDAQ: ITMN)for $8.3 billion in cash.
The deal breaks down to Roche paying $74.00 a share for InterMune, a 38 percent premium from its close on Friday and a 68 percent premium from August 12, when talks of the acquisition began.
The purchase gains Roche an idiopathic pulmonary fibrosis drug, Pirfenidone. The drug gives Roche access to a section of the biotech industry that it has struggled to break into over recent years.
Roche CEO Severin Schwan said during a conference call “This will allow Roche to grow and strengthen its pulmonary franchise globally; it’s a perfect fit from a portfolio point of view. We plan a smooth transition ensuring readiness for an expected launch of Pirfenidone in the U.S. in 2014.”
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