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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (2310)	9/8/2010 11:39:52 AM
From: richardred	Respond to of 7252

Bristol-Myers Agrees to Acquire ZymoGenetics September 8, 2010, 2:15 am Bristol-Myers Squibb said Tuesday it had agreed to acquire ZymoGenetics, the maker of a hepatitis C drug the companies were jointly developing, for $885 million, Bloomberg News reports. The offer of $9.75 a share in cash was an 84 percent premium to ZymoGenetics’s closing stock price on Tuesday, and the company’s shares jumped 85 percent, to $9.80, in after-hours trading. Bristol-Myers said the deal was likely to reduce its earnings by about 3 cents a share in 2010 and about 7 cents a share in 2011. The companies entered into a $1.1 billion agreement in January 2009 to co-develop and share profits for ZymoGenetics’s hepatitis C drug PEG-interferon lambda. Bristol-Myers said the acquisition fit its goal of finding new treatments as its existing drugs faced generic competition. dealbook.blogs.nytimes.com