By Lisa Kerner
Charlotte, N.C., Oct. 30 - GlaxoSmithKline plc agreed to acquire Genelabs Technologies, Inc. for approximately $57 million through a tender offer of $1.30 per share in cash.
Genelabs' board of directors unanimously recommended that its shareholders tender their shares in the offer, which is expected to close in December.
The merger is designed to strengthen GlaxoSmithKline's effort to develop and deliver novel therapies against the hepatitis C virus, a GlaxoSmithKline news release said.
"Through the efforts of our experienced scientific staff and other employees, we have generated highly differentiated compounds with the potential to address unmet medical needs of people with the HCV infection," Genelabs president and chief executive officer Fred Driscoll said in the release.
"GlaxoSmithKline's world-class research and development organization will allow us to accelerate our strategic vision of providing novel treatments that deliver tremendous value for patients."
Redwood City, Calif.-based Genelabs is a biopharmaceutical and diagnostics company specializing in gene-regulating drug discovery, immunological disorders and infectious diseases including hepatitis.
GlaxoSmithKline is a pharmaceutical and consumer health-related products company based in Brentford, England.
| Acquirer: | GlaxoSmithKline plc
|
| Target: | Genelabs Technologies, Inc.
|
| Announcement date: | Oct. 29
|
| Transaction total: | $57 million
|
| Price per share: | $1.30
|
| Expected closing: | December 2008
|
| Stock price for target: | Nasdaq: GNLB: $0.23 on Oct. 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
