Impressed by positive Phase Ib results of its hepatitis C virus (HCV) nucleotide polymerase inhibitor INX-189, Bristol-Myers Squibb (BMS) has agreed to purchase Inhibitex for US$26 per share in a deal that values the company at approximately US$$2.5 B. The offer price represents a huge 163% premium over Inhibitex’s closing price prior to the announcement of the transaction, one of the largest ever offered for a clinical-stage biotech. The deal comes hot on the heels of Gilead Sciences’ move to acquire Pharmasset and its HCV pipeline for US$11 B in November 2011.