intermune acquisition

Our history mirrors that of our nation. This is Roche Holding's 13th transaction in the Life Science sector. Description. Schwan also offered Intermune the highest praise an acquirer can: he . 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. | June 26, 2022 On August 24, 2014, Roche Holding acquired life science company InterMune for 8.3B USD Acquisition Highlights. 2022 Roche InterMune acquisition deal worth $8.3 billion agreed. View Corporate Tree. 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. European shares were higher today. 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. Meanwhile, Britain's AstraZeneca rejected a $118bn . Roche remained one of the M&A holdouts during the latest frenzy. A potential deal would create the third-largest fast food chain in the world. . I cover news on drugs and R&D in the pharma industry. 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. 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. Roche CEO, Severin Schwan, said regarding the transaction: We are very pleased that we reached this agreement with InterMune. The disease is diagnosed in approximately 48,000 American patients annually. On October 1, 2022, RWE AG (RWE), a leading renewable energy company, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc., a leading operator and developer of renewable energy plants in the United States, for a purchase price based on an enterprise value of $6.8billion. . The Pfizer major acquisition strategy appears to have become a core of its growth plan. Burger King is in talks to acquire Tim Hortons (NYSE: THI). 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. InterMune is a biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases. Both companies say they expect pirfenidone will be launched in the US this year. A Roche InterMune acquisition deal worth $8.3 billion has been agreed by the two companies. Sample 1. Monday morning, the healthcare sector proved to be a source of strength for the market. Pulmonary fibrosis is a disease in which deep lung tissue becomes thick and stiff, or scarred over time. 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. The Brisbane, Calif.-based company has one product, pirfenidone, a treatment for idiopathic pulmonary fibrosis (IPF), a progressive and ultimately fatal lung disease. Last year, AstraZeneca PLC agreed to pay up to $1.15 billion for Pearl Therapeutics and its drug for a lung condition called chronic obstructive pulmonary disease, or COPD. 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.. In trading on Monday, basic materials shares gained by just 0.17 percent. 2014 Benzinga.com. Shares of Burger King Worldwide . On September 6, 2022, ADT Inc. (ADT) and State Farm announced that State Farm has agreed to make a $1.2billion equity investment in ADT to acquire 133.3million shares of ADTs common stock at $9 a share. However, the difference in the M&A strategies between Roche and Pfizer is pretty stark, particularly if you are in the R&D division. Even before speculation about a takeover, InterMune's stock had roughly tripled in value in the first half of 2014 following better-than-expected results in the clinical testing of Esbriet. Overview. Analysts wonder whether the Roche InterMune acquisition is a wise move. The drug also could potentially treat other diseases marked by tissue scarring in the liver and kidney. closing share price on Friday of $53.80, and a 63% premium before takeover speculation surrounding the biotech started circulating this month. Leading the sector was strength from InterMune (NASDAQ: ITMN) and RTI Surgical (NASDAQ: RTIX). In July, Roche and Seragon Pharmaceuticals agreed on a $1.725 billion takeover. In commodity news, oil traded down 0.12 percent to $93.54, while gold traded down 0.27 percent to $1,276.80. 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. Midway through trading Monday, the Dow traded up 0.64 percent to 17,110.26 while the NASDAQ surged 0.63 percent to 4,566.93. The new company would be headquartered in Canada. 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. Andrew Morse in Zurich contributed to this article. Idiopathic pulmonary fibrosis, which affects about 100,000 people in the U.S., has been an especially daunting medical target. Contact Email ir@intermune.com. 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 drug has been granted approval in both Canada and Europe and has sold. "Our offer provides significant value to InterMune's shareholders and this acquisition will complement Roche's strengths in pulmonary therapy. Some analysts estimate Esbriet could have more than $1 billion in yearly sales world-wide. LONDON Roche Holding said Sunday it would pay $8.3 billion for a California biotech firm that has yet to turn a profit on a new drug to treat a deadly lung diseasethe latest gamble by a. Define InterMune Agreement. Overview in the case of Philip Paul Vs Intermune Inc Etal number CIV530304 in sanmateo, ca It is a serious incurable disease. Back in May, Pfizer offered a whopping $118 billion to buy AstraZeneca, but this offer was rejected. All rights reserved. German pharmaceutical group Boehringer Ingelheim has a rival drug candidate called nintedanib, which also is under U.S. regulatory review. In May, the FDA gave the pill a "breakthrough therapy designation," allowing for a speedier review. 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. Benzinga does not provide investment advice. Browse. As Roche CEO, Severin Schwan, said in the press release announcing the merger: While Roche was making this move, rumors have again surfaced that Pfizer will make another run at acquiring AstraZeneca. means the Product Acquisition Agreement by and between Seller and InterMune, dated November 28, 2005. Innovation Matrix. One company is seeking bolt-ons to enhance its portfolio and capabilities. 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. 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. 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. The Swiss company has only two such drugs on sale in the U.S.: Xolair for severe and allergic asthma and Pulmozyme for cystic fibrosis. Contracts. 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. Dan Welch, Phone Number (415) 466-2200. Pirfenidone is marketed as Esbriet in the EU and Canada. Mr. Welch also served as Chairman of InterMune from May 2008 to September 2014. Consequently, the brain and other organs in the body do not get enough oxygen. InterMune has been charging about $40,000 a year per patient outside the U.S., according to Roche to Acquire InterMune for $8.3B August 25, 2014 Roche plans to acquire InterMune for $8.3 billion cash, in a deal that expands the buyer's respiratory product portfolio with the seller's. The transaction values Pharmacyclics at approximately $21 billion and was approved by the Boards of Directors of both companies. Cravath is representing Texas Capital in connection with the transaction. . GlaxoSmithKline, InterMune's $8.9 Billion Acquisition by Roche August 25, 2014 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$8.9 billion. The scar tissue is known as fibrosis. The other seeks to make huge take-overs and then gain synergies by slashing costs, closing sites, and eliminating thousands of jobs. InterMune Agreement means the Product Acquisition Agreement by and between Seller and InterMune, dated November 28, 2005. Under the terms of the transaction, AbbVie will pay $261.25 per share comprised of a mix of cash and AbbVie equity. The acquisition is a symbol of a much bigger trend..ITMN. 2014 has been one of the busiest years for pharmaceutical deal makers. The medication has been approved for idiopathic pulmonary fibrosis (IPF) in the European Union and Canada, where it is marketed as Esbriet. LONDON 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. From August 2002 to January 2003, Mr. Welch served as Chairman and Chief Executive . 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. Saturday, April 09, 2022. . Cravath, Swaine & Moore LLP. Shares of Qihoo 360 Technology Co (NYSE: QIHU) were down 6.93 percent to $94.70 after the company reported Q2 results. which depends heavily on an aging asthma drug called Advair for sales, is launching two new therapies for COPD. The InterMune acquisition is the largest since 2009 when Roche spent $46.8 billion to acquire the remaining 44% of Genentech. 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. Competition to make headway in the respiratory market has already been heating up. However, economists were expecting a reading of 12.80. Markets Open Higher; Burger King In Talks To Buy Tim Hortons, Oil Prices Fall; NetApp Upgraded At Needham. Pfizers AstraZeneca interests are two-fold: the AstraZeneca portfolio/pipeline fills some holes that Pfizer has particularly in cancer immunotherapy and pulmonary disease; and, more importantly, a Pfizer acquisition of AstraZeneca could allow Pfizer to carry out an inversion where it could become a U.K. based company and thereby result in avoiding a great deal of U.S. corporate taxes. Greif (NYSE: GEF) shares tumbled 5.73 percent to $47.42 after the company cut its FY14 earnings forecast. Positive trial results posted earlier this year lend hope for approval by the U.S. Food and Drug Administration as early as November. Swiss drugmaker Roche has signed a definitive merger agreement to acquire InterMune for around $8.3bn. Roche Holding AG The acquisition will allow Roche to expand in the respiratory disorders field, one of the major pharmaceutical markets. Data Snapshot. The company's first compound failed. 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. Consensus forecasts compiled by Thomson Reuters Pharma peg annual sales at greater than $1 billion in 2019 a nice addition to Roches stable of pulmonary compounds including Xolair (asthma) and Pulmozyme (cystic fibrosis). ADVERTISEMENT Prosecutors say the defendants exfiltrated "approximately 10 gigabytes of confidential data from the Law Firm-1 email server" just days before. The driver for Roche was to gain access to InterMunes drug, pirfenidone (trade name, Esbriet), which is already approved in Canada and Europe for idiopathic pulmonary fibrosis (IPF). Roche will pay $74 per share for InterMune, which represents a 38% premium to the California-based company's Friday closing price. Cravath is representing ADT in connection with the transactions. Developer of therapies in pulmonology and hepatology. My guess is that Roche employees are heading to work on Monday feeling pretty good about their companys latest move. A decision on nintedanib is expected in February. About. 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. While Roche was making this move, rumors have again surfaced that Pfizer will make another run at acquiring AstraZeneca. (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. In 2019, we celebrated our bicentennial. Those include an agreement signed to acquire Seragon Pharmaceuticals for $725 million in July and deals for diagnostics companies IQuum and Genia Technologies earlier this year, both of . 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. 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. said Sunday it would pay $8.3 billion for a California biotech firm that has yet to turn a profit on a new drug to treat a deadly lung diseasethe latest gamble by a pharmaceutical giant to buy its way into a lucrative corner of the industry. Goldman Sachs calculated and analyzed the acquisition premia paid in mergers and acquisitions transactions in the biotechnology industry involving publicly traded targets announced since May 2010 where the consideration paid implied an enterprise . Roche will fully acquire InterMune for US$ 74.00 per share in an all-cash transaction corresponding to a total transaction value of US$ 8.3 billion. All Rights Reserved. Under the terms of the agreement,. The Swiss pharma major has agreed to acquire California-based InterMune for $74 per share in cash in order to gain control of a pipeline of respiratory and fibrotic disease therapies including Esbriet (pirfenidone) for idiopathic pulmonary fibrosis (IPF), which is already on the market in the EU and Canada and is under regulatory review in the US. 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. InterMune General Information. The Californian company has just one product in a therapeutic area that will become much more competitive. Roche has just announced the acquisition of the U.S. biotech company InterMune for $8.3 billion. The Brisbane, Calif.-based firm has one product: pirfenidone, a treatment for idiopathic pulmonary fibrosis (IPF), a progressive and fatal lung disease. Cravath is representing RWE, alongside Hengeler Mueller, in connection with the transaction. As the tissue gets thicker it becomes more difficult for the lungs to move oxygen into the bloodstream. Opinions expressed by Forbes Contributors are their own. This is Roche Holding's 2nd largest (disclosed) transaction. Researchers aren't sure what causes it, though they believe genetics play a role. Most patients survive from 2 to 5 years after diagnosis. The Pfizer major acquisition strategy appears to have become a core of its growth plan. BASEL, Switzerland Biotech company Roche will be acquiring research and pharmaceutical company InterMune for $8.3 billion, it announced over the weekend. This table shows a brief introduction of acquisition situation of the company and its subsidiaries respectively. Idiopathic means there is no known cause. 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. Sales of new US homes declined 2.4% to an annual rate of 412,000 in July. 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. 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