Roche and InterMune, Inc. announced they have entered into a definitive merger agreement for Roche to acquire InterMune at a price of US$74.00 per share in an all‑cash transaction with a total equity value of US$8.9 billion. This offer represents a premium of 38% to InterMune’s closing price on August 22, 2014, and a premium of 63% to InterMune’s unaffected closing price on August 12, 2014. Cravath represented InterMune in connection with this transaction, which has been approved by the boards of InterMune and Roche and is expected to close in 2014.
The Cravath team included partners Faiza J. Saeed and Ting S. Chen and associates Amanda R. Fenster, Jennifer L. Tanaka and Jennifer Uren on M&A matters; partner Michael L. Schler and associate Jay S. Gill on tax matters; partner Eric W. Hilfers and associates Nicole F. Foster and Julia L. Onorato on executive compensation and benefits matters; partner Christine A. Varney and associate Margaret Segall D’Amico on antitrust matters; and partner David J. Kappos and associate Benjamin D. Landry on intellectual property matters.
