Global drugmaker GlaxoSmithKline, London, has struck an agreement to acquire biopharmaceutical company Genelabs Technologies, Redwood City, Calif., for $57 million, according to a news release.
Genelabs board of directors has endorsed the cash-acquisition offer that calls for Glaxo to pay Genelabs stockholders $1.30 per share. The deal will allow Glaxo to expand its pipeline of infectious-disease drugs, particularly in the area of hepatitis C treatment, said Glaxo officials in a news release.
The deal is subject to customary reviews and conditions, but is expected to close in December. -- by Shawn Rhea