InterMune Inc, a drugmaker that specializes in treating fatal scarring of the lungs, is attracting takeover interest from several pharmaceutical companies, according to people familiar with the matter. While no formal sale process is under way and a deal is not imminent, a handful of larger rivals are exploring a bid for the $2.7 billion orphan-drug maker, the people said this week.Makers of orphan drugs, treatments for rare diseases, are attractive acquisitions for large pharmaceutical companies that are looking to offset a drop in sales as their patents on blockbuster products expire.InterMune had considered selling itself about three years ago and held discussions with potential buyers. They decided not to pursue a deal at that time due to uncertainty over data for the company's pirfenidone drug, the sources said.However, buyer interest has been rekindled in recent weeks after the company announced positive late-stage trial results for pirfenidone, the people said, requesting anonymity because they were not authorized to speak with the media. The drug treats idiopathic pulmonary fibrosis, or IPF, which is characterized by a slow decline in lung function and has no known cause.
InterMune, Inc. (InterMune), is a biotechnology company focused on the research, development and commercialization of therapies in pulmonology and orphan fibrotic diseases. Shares of ITMN traded higher by 14.42% or $4.41/share to $34.99. In the past year, the shares have traded as low as $8.61 and as high as $38.73. On average, 2654110 shares of ITMN exchange hands on a given day and today's volume is recorded at 5545447.
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