GSK Continues Acquisition Spree with Praecis Pharmaceuticals
Company’s fourth of the year comes at a $54.8-million price.!--h2>
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.