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Dec 21, 2006

GSK Continues Acquisition Spree with Praecis Pharmaceuticals

  • In GlaxoSmithKline’s (GSK) fourth acquisition of the 2006, the company has agreed to buy Praecis Pharmaceuticals for approximately $54.8 million. "Praecis has created novel therapeutic programs and innovative chemical-synthesis and screening technology that will complement our own discovery capabilities," says Allen Oliff, senior vp, molecular discovery research, GSK. 

    GSK will pay $5 per share, representing more than double the company’s previous closing price of $1.99. Praecis opened trading today at $4.88. The companies expect to close the deal in the first quarter of 2007.

    Earlier in December, the company offered $454 million for Domantis. It also closed its transaction to take over CNS for $566 million. In February, GSK reported that it would be taking over Pliva’s proprietary R&D arm for a total potential cash consideration of up to $50 million.

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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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