Merck completes tender offer to acquire Idenix

Merck (NYSE:MRK), known as MSD outside the United States and Canada, announced the successful completion of the tender offer for all of the outstanding shares of common stock of Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX) at a purchase price of $24.50 per share. As of the tender offer expiration yesterday, 131,693,787 shares of common stock of Idenix were validly tendered and not withdrawn from the tender offer, representing approximately 82.5 percent of the outstanding common stock of Idenix on a fully diluted basis. All of such shares have been accepted for payment in accordance with the terms of the tender offer, and Merck expects to promptly pay for all such shares.

Following consummation of the tender offer, Merck expects to complete the acquisition of Idenix later today through a merger of Merck’s wholly-owned subsidiary with and into Idenix without stockholder approval. Upon completion of the merger, all outstanding shares of common stock of Idenix, other than shares held by Idenix in treasury or shares held by Idenix’s stockholders who are entitled to and properly exercise appraisal rights under Delaware law, will be canceled and converted into the right to receive cash equal to the $24.50 offer price per share without interest, less any applicable withholding taxes.

In addition, upon completion of the merger, Idenix will become a wholly-owned subsidiary of Merck and the common stock of Idenix will cease to be traded on the NASDAQ Stock Market.