GSK to acquire Genelabs for $57M
UK drug major GlaxoSmithKline is to acquire the USA's Genelabs Technologies for $1.30 per share, around $57.0 million in total, a substantial premium on its current stock price. Under the terms of the agreement, a GSK subsidiary will acquire all of Genelabs' outstanding shares. The board of the Philadelphia-headquartered firm has unanimously recommended stockholders accept GSK's offer. The UK company intends to utilize Genelabs technology to enhance its hepatitis C pipeline. The deal is expected to close before the end of the year.
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