Roche to Buy InterMune for $8.3 Billion

August 28, 2014

The price, $74 a share, represents a 38 percent premium to InterMune’s closing price on Friday and a 63 percent premium to the price on Aug. 12, before news reports that InterMune might be acquired.

The acquisition was announced during a flurry of pharmaceutical deals and attempted deals. About $87 billion in pharmaceutical acquisitions were made in the first half of this year, eclipsing the total for all of 2013, according to Evaluate, a research company. The total for the first half does not include the $54 billion acquisition of Shire by AbbVie, which was formally announced in July.

InterMune, based in Brisbane, Calif., has one product on the market: a drug called pirfenidone to treat idiopathic pulmonary fibrosis, a fatal scarring of the lungs.

Sales of Esbriet were $35.7 million in the second quarter, but some analysts expect annual revenues to eventually exceed $1 billion.

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“We are obviously focused on high unmet medical needs and looking for medicines that make a significant difference clinically, and this clearly fits that bill,” Daniel O’Day, who runs Roche’s pharmaceutical business.