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Home Industry News GlaxoSmithKline begins tender offer to acquire Genelabs Technologies

GlaxoSmithKline begins tender offer to acquire Genelabs Technologies

13th November 2008

GlaxoSmithKline (GSK) has announced that its Gemstone Acquisition Corporation subsidiary is commencing a cash tender offer to purchase Genelabs Technologies.

The acquisition in cash, without interest and less any required withholding taxes, is being made following an previously announced Agreement and Plan of Merger on October 29th.

As a result of the offer, the Genelabs board of directors are reported to be unanimously determined that it and the merger are fair to, and in the best interests of, Genelab.

Expiring at midnight Eastern Standard Time on Wednesday December 10th, the offer is subject to various conditions including the acquision by GSK of 90 per cent of the outstanding Genelabs’ common stock shares on a fully diluted basis.

GSK has added that it will file with the Securities and Exchange Commission a tender offer statement on Schedule TO, setting forth in detail the terms of the offer.

The news follows the company’s announcement that it – along with XenoPort – is to withdraw a new drug application for Solzira extended release tablets, for the treatment of moderate-to-severe primary restless legs syndrome.

As a result, GSK plans to resubmit the new drug application quickly – however this is set to lead to a delay in the receipt by XenoPort of payments of $23 million.

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