GlaxoSmithKline extends tender offer to purchase Genelab shares

GlaxoSmithKline (GSK) has said it has extended its tender offer to purchase all outstanding shares of common stock from Genelabs.

The deal will see $1.30 (0.88 pounds) in cash per share purchased without interest and less any required withholding taxes, with the deadline now today (December 10th).

GSK’s extension to the offer is in connection to the addition of its wholly-owned subsidiary SmithKline Beecham Corporation as a bidder.

It was originally commenced on November 12th, following an Agreement and Plan of Merger on October 29th.

Though the tender offer has been extended, its terms and conditions remain the same, GSK said.

Last week, it was revealed the company is to collaborate with Shenzhen Neptunus Interlong Bio-Technique.

The joint venture is set to see a 60-40 split for the research and development, production and after-sales services of human influenza vaccines.

GSK will fund $31.33 million to the newly-formed subsidiary – named Shenzhen GSK-Neptunus Biologicals – with plans to buy more shares in the venture in the future.

The formed subsidiary is also set to receive investments of $99.9 million.

GSK makes almost four billion packs of medicines and healthcare products every year and its brands include Horlicks, Ribena, Aquafresh, Zovirax, Lucozade, Sensodyne and Panadol.