GlaxoSmithKline makes niche acquisition with $54.8 million bid for Praecis
UK-headquartered pharmaceutical major GlaxoSmithKline has entered into a definitive agreement to acquire all outstanding shares of US drug discovery company Praecis Pharmaceuticals for a cash purchase price of $5.00 per share or a total of approximately $54.8 million for the entire equity interest.
"Praecis has created novel therapeutic programs and innovative chemical-synthesis and screening technology that will complement our own discovery capabilities," commented Allen Oliff, senior vice president, molecular discovery research at GSK.
The offer is more than double the closing price of Praecis of $1.99 on the Nasdaq the day prior to the announcement, although less than the Waltham, Massachusetts-based firm's 52-week peak of $6.44.
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