Anadys Pharmaceuticals (NASDAQ:ANDS) has agreed to be acquired by Switzerland’s drug giant Roche for about $230 million, sending its shares up more than 250% to a two-year high of $3.67 a share.
The deal calls for Roche to pay $3.70 a share in cash representing a 256% premium to Anadys’ closing price of $1.04 on Friday. Roche said the new addition would enhance its portfolio of hepatitis C treatments.
“Our aim is to offer physicians and hepatitis patients a powerful combination of therapies that bring us closer to a cure, even without the use of interferon,” said Jean-Jacques Garaud, global head of Roche Pharma research and early development, in a statement.
He noted that Anadys' compounds provide “additional modes of action that could lead to interferon-free treatment regimens without viral resistance."
The board of the San Diego-based company approved the transaction and recommended Anadys shareholders tender their shares and adopt the agreement. Each of its directors and executive officers have agreed to tender their shares.
The offer is expected to close within the fourth quarter of this year, pending regulatory approvals, customary closing conditions and the majority of Anadys’ shares tendered.