Bristol-Myers Squibb has agreed to acquire Inhibitex, a biopharmaceutical company, for $26 per share, or approximately $2.5 billion, in cash.

Inhibitex, most known for its focus on drugs that prevent and treat hepatitis C, has given Bristol-Myers Squibb (BMS) INX-189, a nucleotide polymerase inhibitor in development for the treatment of chronic hepatitis C infections. BMS will also acquire two other products in phase II development (FV-100 and Aurexis) and several other fully developed products that prevent and treat serious infection diseases.

"The addition of Inhibitex's nucleotide polymerase inhibitor to our own promising portfolio, which includes other direct-acting antivirals, brings additional options to develop all-oral regimens with better cure rates, shorter duration of therapy and lower toxicity than the current standard of care,” said Elliott Sigal, M.D., Ph.D., chief scientific officer for BMS.

BMS announced a cash tender offer to purchase all outstanding shares of Inhibitex’s common stock for $26 per share.