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NAPSR News: Roche Acquires Biotech Firm InterMune, Inc
Roche looks to expand their respiratory portfolio by acquiring InterMune Inc, a California based biotechnology company and their lead product pirfenidone for idiopathic pulmonary fibrosis (IPF).
In accordance with the agreement, Roche will commence a tender offer by August 29, 2014 to acquire all outstanding shares of InterMune’s common stock at a price of US$74.00 per share in cash. InterMune is expected to file a recommendation statement representing the recommendation of the entire InterMune board that InterMune’s shareholders tender their shares to Roche.
Severin Schwan, CEO of Roche, said, “We are very pleased that we reached this agreement with InterMune. Our offer provides significant value to InterMune’s shareholders and this acquisition will complement Roche’s strengths in pulmonary therapy. 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.”
Both companies aniticipate a smooth transition of InterMune employees and operations into the Roche organization. InterMune’s Chairman, CEO and President, Dan Welch, said, “This merger recognizes the significant value created by our team’s commitment, hard work and execution for more than a decade to develop and commercialize treatment options for IPF patients and their families. Roche shares our passion and commitment to the IPF community and to ensuring that pirfenidone is available as quickly as possible to patients in the United States, pending FDA approval. Roche’s global resources and scale will not only facilitate and accelerate our ability to deliver pirfenidone to more patients around the world, but also to realize our joint vision to bring additional innovative therapies to patients with respiratory diseases.”
According to consensus forecasts compiled by Thomson Reuters Pharma, pirfenidone, pending US regulatory approval is expected to have sales of $1.04 billion by 2019. Roche already markets Pulmozyme for cystic fibrosis and Xolair for severe asthma in the United States however, if pirfenidone is successful once launched - this will solidify Roche’s position as a key player in the US respiratory market.
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