Bristol-Myers Squibb commences tender offer for Inhibitex

NEW YORK — Bristol-Myers Squibb has officially launched its tender offer for Inhibitex, the drug maker said Friday.

Bristol said it had commenced a $2.5 billion offer to buy all outstanding shares of Inhibitex, an Alpharetta, Ga.-based company developing treatments for hepatitis C. The company's leading product is INX-189, an orally administered drug currently in phase-2 clinical trials.

Bristol announced its intention to buy Inhibitex Monday. The New York-based drug maker said it would make Inhibitex a wholly owned subsidiary following the acquisition.

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