Bristol-Myers Squibb has announced that it will acquire ZymoGenetics for an aggregate purchase price of approximately $885m.

The acquisition will see Bristol-Myers Squibb gain full ownership of ZymoGenetics’ developmental hepatitis C medication, pegylated-interferon lambda, as well as Recothrom, a combinant thrombin approved by the US Food and Drug Administration to control non-arterial bleeding in surgery.

Under the agreement, ZymoGenetics will not to solicit any competing offers for the company.

Bristol-Myers Squibb will finance the acquisition using existing cash resources. Both companies expect the offer to close thirty days after the commencement of the tender offer.