Shares of biopharmaceutical company, Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS) surged more than 250 percent from Friday’s closing price in morning trading on Monday after the San Diego-based company announced a definitive merger agreement to be acquired by pharmaceutical giant Roche for $3.70 per share, or about $230 million.
“With Roche’s considerable capabilities and experience in HCV, we believe this acquisition provides the best chance of success for the new potential treatments to reach patients,” said Steve Worland, Ph.D., President and CEO of Anadys in an October 17 press release.
Anadys shares touched a high of $3.67, up from Friday’s closing price of $1.04.
Anadys currently has two hepatitis C drug candidates in clinical trials. Last week, the company announced that a mid-stage trial of its hepatitis C drug, setrobuvir, showed promise, Reuters reported. Setrobuvir, a direct-acting antiviral that works by interacting with and blocking a component of the virus, is in mid-stage trials.
“We are pleased with today’s data, which we believe demonstrate a compelling profile for setrobuvir in significantly more patients,” Worland said in an October 13 press release.
Anadys’ other hepatitis C drug, ANA773, is in early-stage development, and works by stimulating the patient’s own immune system to block cells infected with the virus, Reuters reported on Monday.
Roche’s acquisition of Anadys will help the company strengthen its hepatitis portfolio. “Our aim is to offer physicians and hepatitis patients a powerful combination of therapies that bring us closer to a cure, even without the use of interferon,” said Jean-Jacques Garaud, Global Head of Roche Pharma Research and Early Development in an October 17 press release. “Anadys’ compounds provide additional modes of action that could lead to interferon-free treatment regimens without viral resistance.”