FermaVir Pharmaceuticals entered into a definitive merger agreement with Inhibitex. Under the terms of the agreement, each of the 20.8 million outstanding shares of FermaVir common stock will be exchanged for 0.55 shares of Inhibitex common stock.
Inhibitex will also assume up to 13.9 million of outstanding FermaVir options and warrants at the same exchange ratio. Immediately following the transaction, FermaVir shareholders are expected to own approximately 27% of the combined company. The transaction is anticipated to close by the end of July 2007.
FermaVir has an antiviral development-stage pipeline that includes FV-100, a highly potent nucleoside analogue for the treatment of herpes zoster infections that is expected to enter Phase I trials in the third quarter of 2007; a series of preclinical compounds for the treatment of human cytomegalovirus disease, which are expected to produce a lead clinical candidate by end 2007; and Tenofovir, a nucleoside reverse transcriptase inhibitor for the treatment of HIV/AIDS.
In connection with this transaction, Geoffrey Henson, Ph.D., CEO of FermaVir, will join Inhibitex as vp of drug development.