Inhibitex to Buy New York Pharma Firm in $19M Deal

Inhibitex is buying a New York-based pharmaceutical firm in a stock deal worth approximately $19 million.

Inhibitex (NASDAQ: INHX) said Tuesday morning it was acquiring FermaVir Pharmaceuticals in a stock swap. Some 20.8 million shares of FermaVir will be exchanged for 0.55 shares of Inhibitex common stock.

Inhibitex shares closed at $1.66 on Monday.

The Georgia-based firm also said it would assume 13.9 million warrants and options for FermaVir stock at the same rate.

FermaVir’s lead drug candidate is a treatment for shingles. It is expected to enter Phase I clinical trials in the third quarter of this year.