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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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