intermune acquisition

Cravath is representing GBT in connection with the transaction. We believe the $74 . Andrew Morse in Zurich contributed to this article. However, economists were expecting a reading of 58.00. But over the past few years, Roches M&A strategy has focused on bolt-on acquisitions. Roche CEO, Severin Schwan, said regarding the transaction: We are very pleased that we reached this agreement with InterMune. Roche will fully acquire InterMune for US$ 74.00 per share in an all-cash transaction corresponding to a total transaction value of US$ 8.3 billion. The biotech sector had a strong run last week thanks mostly to Roche's agreement to acquire InterMune ( ITMN ) for a hefty $8.3 billion. Sales of new US homes declined 2.4% to an annual rate of 412,000 in July. 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. The biotech had attracted widespread industry interest, according to people familiar with the matter, because it has a drug, Esbriet, already approved in Europe and Canada. Opinion: Your Duty as a Voter Is to Take the Election Seriously, Opinion: Don Bolduc May Pull Off an Upset in New Hampshire, Opinion: What to Expect in the 2022 Midterms, Opinion: Elon Musk Makes an Offer You Can Refuse, Putinisms: Vladimir Putins Top Six One Liners, Ukrainians Sift Through Debris; Civilians Urged to Leave Eastern Regions, WSJ Opinion: Mar-a-Lago and the Swamp's Obsession With Donald Trump, Opinion Journal: The Trump-Modi Friendship, Mortgages, Cars and Credit Cards: How Interest-Rate Hikes Are Hitting Americans' Wallets. A potential deal would create the third-largest fast food chain in the world. It is a serious incurable disease. 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. Illumina Inc. InterMune ( ITMN.DL) was health care's top performing stock, thanks to positive phase 3 trial results for its lead drug Esbriet in idiopathic pulmonary fibrosis. InterMune is "focused on the research, development and. Meanwhile, top decliners in the sector included Greif (NYSE: GEF), down 5.8 percent, and Endeavour Silver (NYSE: EXK), off 3.2 percent. In 2012, Roche gave up a chance to buy gene-sequencing firm Researchers aren't sure what causes it, though they believe genetics play a role. Forgot password ? Roche gains access to InterMune's lead drug Esbriet (pirfenidone), which treats idiopathic pulmonary fibrosis (IPF), a rare but fatal disease characterized by progressive loss of lung function. The other seeks to make huge take-overs and then gain synergies by slashing costs, closing sites, and eliminating thousands of jobs. Create Alert. I cover news on drugs and R&D in the pharma industry. This is Roche Holding's 13th transaction in the Life Science sector. The Brisbane, Calif.-based firm has one product: pirfenidone, a treatment for idiopathic pulmonary fibrosis (IPF), a progressive and fatal lung disease. The. August 24, 2014, 2:08 PM By Ben Hirschler and Caroline Copley LONDON/ZURICH (Reuters) - Roche Holding AG has agreed to buy U.S. biotech company InterMune Inc for $8.3 billion in cash, marking the. Shares popped nearly 15% as. Follow. InterMune has a drug, pirfenidone, that treats deadly scarring of the lungs, also known as idiopathic pulmonary fibrosis. One company is seeking bolt-ons to enhance its portfolio and capabilities. Define InterMune Agreement. Roche just announced an $8.3 billion acquisition of InterMune and its idiopathic pulmonary fibrosis drug Esbriet. This offer represents a premium of 38% to InterMunes closing price on August22, 2014, and a premium of 63% to InterMunes unaffected closing price on August12, 2014. Although Esbriet hasn't been approved in the U.S., it is as close to a sure bet as Roche could ask for, given the drug's approval in Europe and Canada. Idiopathic pulmonary fibrosis, which affects about 100,000 people in the U.S., has been an especially daunting medical target. Roche has just announced the acquisition of the U.S. biotech company InterMune for $8.3 billion. 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," he said. The acquisition of InterMune, a Brisbane, California-based biotech company focused on the research, development and commercialisation of innovative therapies in pulmonology and fibrotic diseases, will allow Roche to broaden and strengthen its respiratory portfolio globally. Additionally, State Farm will commit $300million to an opportunity fund to support product and technology innovation, customer growth and marketing, and Google has separately agreed to commit an incremental $150million, raising its total success fund commitment to $300million. INTERMUNE, INC. (Name of Subject Company) INTERMUNE, INC. (Name of Person Filing Statement) . Cravath represented InterMune in connection with this transaction, which has been approved by the boards of InterMune and Roche and is expected to close in 2014. Its last big deal was in 2009, when it paid $46.8 billion for the stake in biotech Genentech that it didn't already own. The acquisition of InterMune, a Brisbane, California based biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and fibrotic. Positive trial results posted earlier this year lend hope for approval by the U.S. Food and Drug Administration as early as November. This is Roche Holding's 10th transaction in the United States. Contracts. Roche Holding AG signed a definitive agreement to acquire InterMune, Inc. for $8.1 billion in cash from Sofinnova Investment, Inc. and others on August 22, 2014. InterMune is a biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases. the company's chief executive. Browse. Back in May, Pfizer offered a whopping $118 billion to buy AstraZeneca, but this offer was rejected. Idiopathic pulmonary fibrosis generally affects middle-aged males and older adults. The other seeks to make huge take-overs and then gain synergies by slashing costs, closing sites, and eliminating thousands of jobs. Consequently, the brain and other organs in the body do not get enough oxygen. Qihoo 360 reported Q2 adjusted EPADS of $0.50 on revenue of $317.90 million. Our offer provides significant value to InterMunes shareholders and this acquisition will complement Roches strengths in pulmonary therapy. InterMune, Inc. Subsidiary Company. 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. Contingent acquisition payments of up to an additional $53.5 million would be made by InterMune only if positive Phase 3 data and registration in the United States and European Union are achieved. The Pfizer major acquisition strategy appears to have become a core of its growth plan. As part of the all-cash Roche to acquire InterMune for $8.3bn - Pharma Advancement InterMune's On August 24, 2014, Roche Holding acquired life science company InterMune for 8.3B USD Acquisition Highlights. 2014 has been one of the busiest years for pharmaceutical deal makers. Roche, which focuses on cancer, autoimmune diseases and diagnostic tools, hasn't been much of a player in respiratory treatment. Datamonitors' InterMune, Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by InterMune, Inc. since January 2007. Description. InterMune has been charging about $40,000 a year per patient outside the U.S., according to In pulmonology, they are focused on therapies for the treatment of idiopathic pulmonary fibrosis (IPF), a progressive . Cravath is representing Texas Capital in connection with the transaction. The Pfizer major acquisition strategy appears to have become a core of its growth plan. 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. Roche is offering $74 per share in an all-cash transaction, which is 38% higher than InterMunes $53.80 price at close of business on Friday. 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. Basic Info. The driver for Roche was to gain access to InterMune's drug, pirfenidone (trade name,. 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. Celebrating 200 years of partnership. brisbane, calif., sept. 19, 2014 /prnewswire/ -- intermune, inc. (nasdaq: itmn) today announced that it entered into a memorandum of understanding to settle the litigation in the delaware court. Under the terms of the agreement,. According to the Basel-based drugmaker, the boards of both companies have approved the merger agreement. 2022 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.. The eurozones STOXX 600 gained 1.10 percent, the Spanish Ibex Index climbed 1.81 percent, while Italys FTSE MIB Index surged 2.3 percent. 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. Roche says InterMune has other research programs exploring new pathways and targets that may ultimately provide better treatment options for patients with fibrotic diseases. The InterMune purchase, together with bolt-on acquisitions totalling USD2.5bn (incl. Innovation Word Cloud. Drugs treating respiratory conditions like asthma generate about $33 billion in world-wide sales each year, according to EvaluatePharma. Tim Hortons (NYSE: THI) shares were also up, gaining 19.68 percent to $75.21 following the confirmation of merger talks. Roche has agreed to pay $8.3 billion in cash to acquire InterMune. Overview. While Roche was making this move, rumors have again surfaced that Pfizer will make another run at acquiring AstraZeneca. However, economists were expecting a reading of 12.80. . "Our offer provides significant value to InterMune's shareholders and this acquisition will complement Roche's strengths in pulmonary therapy. Will Cellceutix (OTCMKTS:CTIX) Be A Roche Bolt On Acquisition ?This is a sweet meditation that I am echoing from Investors Hub.Certainly some Golden Apples in Pictures of Silver.Thanks to. Roche has just announced the acquisition of the U.S. biotech company InterMune for $8.3 billion. Most patients survive from 2 to 5 years after diagnosis. This is Roche Holding's 2nd largest (disclosed) transaction. Analysts wonder whether the Roche InterMune acquisition is a wise move. Earlier this month, Roche said it would pay about $10 billion for the remaining shares it does not own in Chugai Pharmaceutical Co. Ltd. Related to Intermune Earnout Amount. In trading on Monday, basic materials shares gained by just 0.17 percent. Copy. Earnout Amount has the meaning set forth in Section 1.9(a).. Earn-Out Amount shall have the meaning set forth in Section 4.3(a).. Earnout Period has the meaning set forth in Section 2.5(a)(iii).. Earnout Payment has the meaning set forth in Section 2.3(b).. Earn-Out Payment has the meaning set forth in Section 2.3(a).. Earn-Out Period has the meaning set . GlaxoSmithKline, 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 pricing reflects the value the medicine brings, Mr. Welch said. 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. 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. It is Roche's largest acquisition since it purchased the 40% of Genentech it did not already own for $47 billion in 2009. . . 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 big exception was its acquisition of the part of biotechnology pioneer Genentech that it did not already own for $46.8 billion in 2009. . Markets Open Higher; Burger King In Talks To Buy Tim Hortons, Oil Prices Fall; NetApp Upgraded At Needham. The Swiss drugmaker. Innovation Matrix. 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.. LONDON Market Business News - The latest business news. Swiss pharmaceuticals group Roche revealed this week that it has agreed to acquire California-based biotechnology company InterMune Inc. in a deal worth $8.3 billion. Roche InterMune acquisition deal worth $8.3 billion agreed. The new company would be headquartered in Canada. The Chicago Fed National Activity Index rose to 0.39 in July, versus economists expectations for a reading of 0.20. Meanwhile, the German DAX rose 1.83 percent and the French CAC 40 surged 2.10 percent. Scar tissue buildup in the lung becomes so thick that lungs have trouble supplying the brain and other organs with oxygen. (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 pharmaceutical sector. Shares of Burger King Worldwide . While still under review by U.S. regulatory authorities, Roches acquisition signals its belief that pirfenidone will also gain U.S. approval. On August8, 2022, Global Blood Therapeutics, Inc. (GBT), a biopharmaceutical company dedicated to the discovery, development and delivery of lifechanging treatments that provide hope to underserved patient communities, starting with sickle cell disease, and Pfizer Inc. (Pfizer) announced that the companies have entered into a definitive agreement under which Pfizer will acquire GBT. The all-cash deal values InterMune at $74 per share, or a 38% premium to Friday's . A decision on that medication is expected in February 2015. Follow this author to stay notified about their latest stories. 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. Dan Welch, The drug has been granted approval in both Canada and Europe and has sold. Roche remained one of the M&A holdouts during the latest frenzy. The company's first compound failed. On August 24, 2014, Roche and InterMune, Inc. announced they have entered into a definitive merger agreement for Roche to acquire InterMune at a price of US$74.00 per share in an allcash transaction with a total equity value of US$8.9billion. From August 2002 to January 2003, Mr. Welch served as Chairman and Chief Executive . The scar tissue is known as fibrosis. Roche Holding AG Cravath, Swaine & Moore LLP. In InterMune, Roche found a suitable target. Remember . Benzinga does not provide investment advice. Some analysts estimate Esbriet could have more than $1 billion in yearly sales world-wide. All rights reserved. The disease tends to attack middle-aged and older adults. The acquisition of InterMune, a Brisbane, California based biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and fibrotic diseases, will allow Roche to broaden and strengthen its respiratory portfolio globally. The acquisition comes as . The acquisition will allow Roche to expand in the respiratory disorders field, one of the major pharmaceutical markets. Competition to make headway in the respiratory market has already been heating up. The acquisition adds to AbbVie's already comprehensive pipeline and strong growth prospects. Roche will pay $74 per share for InterMune, which represents a 38% premium to the California-based company's Friday closing price. Greif (NYSE: GEF) shares tumbled 5.73 percent to $47.42 after the company cut its FY14 earnings forecast. | Advanced search Log in. On September 6, 2022, Texas Capital Bancshares, Inc. (Texas Capital) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (BankDirect), its insurance premium finance subsidiary, to AFCO Credit Corporation (AFCO), an indirect whollyowned subsidiary of Truist Financial Corp. (Truist), in an allcash transaction for a purchase price of approximately $3.4billion. In commodity news, oil traded down 0.12 percent to $93.54, while gold traded down 0.27 percent to $1,276.80. Roche's offer of $74 a share represents a 38% premium over Roche acquired Esbriet six years ago with its $8.3 billion Intermune acquisition, but the Basel-based drugmaker has since written down Intermune's value by billions as Esbriet's $1.1 billion in. However, the difference in the M&A strategies between Roche and Pfizer is pretty stark, particularly if you are in the R&D division. 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. We're downgrading InterMune shares from Buy- to Hold-rated following Roche's proposed $8.3B acquisition offer that has been unanimously approved by the Boards of both companies. ") On August 27, Zacks named the company as one of two "attractive takeover targets." (See "Biotech Stock Roundup: Biotechs Surge on InterMune Acquisition Deal, Focus on More M&As.") Based on 1 documents 1. The disease is diagnosed in approximately 48,000 American patients annually. Leju Holdings (NYSE: LEJU) was down, falling 4.73 percent to $17.54 after surging around 36.2% in the previous month. This acquisition includes patent rights that InterMune had been licensing from Marnac and KDL as well as other international IP rights relating to pirfenidone that were not part of the prior existing license agreement. Swiss drugmaker Roche has signed a definitive merger agreement to acquire InterMune for around $8.3bn. 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 transaction values Pharmacyclics at approximately $21 billion and was approved by the Boards of Directors of both companies. In the acquisition, Roche will be. 2014 Benzinga.com. Over the weekend, we witnessed the latest sizable deal in the biotech sector go down with global pharmaceutical giant Roche ( RHHBY 0.26%) announcing it would pay $8.3 billion in cash, or $74 per. Roche has agreed to acquire InterMune at $74 per share in an all-cash transaction, a price 38 percent higher than the company's $53.80 closing price on Friday. Pirfenidone is marketed as Esbriet in the EU and Canada. The S&P also rose, gaining 0.64 percent to 2,001.04. Orphan fibrotic diseases the largest since 2009 when Roche spent $ 46.8 billion to acquire Canadian chain. $ 1.725 billion takeover strength for the first time there is a deadly lung-scarring disease which about Standpoint, the healthcare sector proved to be a source of strength for the time. Will be launched in the body do not get enough oxygen access to InterMune & # x27 s In pulmonology, they are focused on bolt-on acquisitions drug being tested for pulmonary fibrosis generally affects males. 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