Roche has agreed to buy InterMune, a US biotech company, for $8.3bn in the latest example of the feverish deal activity sweeping the pharmaceuticals sector.

罗氏(Roche)同意以83亿美元收购美国生物科技公司InterMune，这是席卷制药行业的火热并购活动的最新一例。

The all-cash transaction – Roche’s biggest acquisition for five years – will give the Swiss group access to InterMune’s new medicine for a previously untreatable lung disease, highlighting the push by big pharma into so-called orphan drugs for rare or incurable conditions.

这笔全现金交易是瑞士集团罗氏5年来最大一起收购案，将使其获得InterMune的一种新药，该药可治疗一种以往无法治疗的肺部疾病，凸显大型制药公司对针对罕见或不治之症的所谓“罕见病药物”的追逐。

The agreed deal is Roche’s biggest since its $47bn takeover of Genentech, another US biotech company, in 2009 and marks its fourth acquisition this year as the group responds to investor pressure to put more of its cash to use. The $74-a-share offer represents a 63 per cent premium over InterMune’s share price before takeover speculation arose in mid August, highlighting the hefty valuations being attracted by target companies as drugmakers compete for assets.

这是罗氏自2009年以470亿美元收购另一家美国生物科技公司基因泰克(Genentech)以来最大一笔收购案，也是罗氏今年发起的第四次收购，该集团此举是为了回应投资者要求其把更多现金利用起来的压力。每股74美元的收购价，相当于8月中旬收购传闻传出前的InterMune股价有63%的溢价，凸显随着药企竞购资产，目标公司得到的估值之高。

InterMune recently appointed Goldman Sachs and Centerview Partners to review its strategic options, with Sanofi and GlaxoSmithKline among other companies touted as potential bidders. People close to GSK said it had not made an offer.

InterMune近来已聘用高盛(Goldman Sachs)和Centerview Partners审议其战略选项，而赛诺菲(Sanofi)和葛兰素史克(GSK)等公司也成为潜在竞标者。接近GSK的人士表示，GSK尚未提出报价。

The California-based company is focused on a deadly lung-scarring disease called idiopathic pulmonary fibrosis. Its medicine, Esbriet, has been approved in Europe and Canada and is expected to secure US backing by the end of this year. Revenues are expected to more than double from last year to $144m in 2014 and reach $675m by the end of 2016, according to analysts at Credit Suisse.

总部位于加利福尼亚州的InterMune，正集中精力攻克一种学名为“特发性肺纤维变性”(IPF)的致命的肺纤维化病。其药物吡菲尼酮(Esbriet)已在欧洲和加拿大获得批准，预计今年底前将得到美国的支持。瑞信(Credit Suisse)分析师表示，2014年InterMune销售额预计比去年翻一番以上，达1.44亿美元，到2016年底前将达6.75亿美元。

Roche said the transaction would be neutral to earnings in 2015 and accretive from 2016 onwards. Daniel O’Day, chief operating officer of Roche’s pharmaceuticals business, said there could be more bolt-on acquisitions ahead.

罗氏表示，此次收购对其2015年盈利的影响为中性，从2016年起将为盈利增长做出贡献。罗氏制药业务首席运营官丹尼尔•奥戴(Daniel O’Day)表示，接下来可能发起更多补强型并购。

The InterMune agreement follows deals worth up to $2.5bn in the past three months for Roche with the acquisitions of Seragon Pharmaceuticals of the US, Santaris of Denmark and Genia of the US.

罗氏此次与InterMune达成协议之前，过去3个月已收购了丹麦的Santaris以及美国的Seragon Pharmaceuticals和Genia，交易总金额高达25亿美元。

Roche generated nearly $19bn of free cash flow last year and is forecast by analysts to be in a net cash position by 2015.

去年罗氏获得了近190亿美元的自由现金流，分析师预测，该公司到2015年将一直保持净现金盈余。

A record $260bn of deals were struck in the pharma, biotech and medical products sectors in the first half of this year as cash-rich drugmakers search for new sources of growth. Recent deals included AbbVie’s £32bn takeover of UK-listed Shire, another company heavily focused on orphan drugs.

今年上半年，制药、生物科技和医疗产品行业的并购额达到创纪录的2600亿美元，现金充沛的各家药企竞相寻找新的增长源。近期的并购案包括艾伯维(AbbVie)以320亿英镑收购在英国上市的Shire，另一家主攻罕见病药物的公司。