Merck To Buy Idenix Pharma For About $3.85 Bln - Quick Facts

(RTTNews) - Merck & Co. Inc. (MRK) said Monday that it agreed to acquire Idenix Pharmaceuticals Inc. (IDIX) for $24.50 per share in cash, valuing the company at about $3.85 billion.

The transaction has been approved by the boards of directors of both companies.

As per the terms of the agreement, Merck, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of Idenix Pharmaceuticals, Inc. The closing of the tender offer will be subject to certain conditions, including the tender of shares representing at least a majority of the total number of Idenix's outstanding shares (assuming the exercise of all options), the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions.

Following the completion of the tender offer, Merck will acquire all remaining shares through a second-step merger. The companies expect the transaction to close in the third quarter of 2014.