GlaxoSmithKline to acquire Genelabs Technologies
GlaxoSmithKline and US biotech company Genelabs Technologies have entered into a definitive agreement under which GSK will acquire Genelabs for approximately US$57m (
GlaxoSmithKline and US biotech company Genelabs Technologies have entered into a definitive agreement under which GSK will acquire Genelabs for approximately US$57m (£35m; Euro 43m). The acquisition will strengthen GSK's effort to develop and deliver novel therapies against the hepatitis C virus (HCV).
Genelabs will become part of GSK's Drug Discovery organisation and its HCV programmes will be consolidated into the broad therapeutic approaches already underway internally and through external collaborations.
"Genelabs has demonstrated a strong track record in HCV drug discovery and identified numerous novel classes of inhibitors that target unprecedented mechanisms in the virus's life cycle," said Zhi Hong, SVP of the Infectious Diseases Centre for Excellence in Drug Discovery (ID CEDD) at GSK. "This arrangement, combined with our other collaborations, will give GSK a broad HCV drug discovery platform addressing novel targets and innovative therapeutic approaches."
The tender offer is subject to customary conditions and is expected to close in December 2008.