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Home Industry News GlaxoSmithKline confirms Genelabs shares acquisition

GlaxoSmithKline confirms Genelabs shares acquisition

8th January 2009

GlaxoSmithKline (GSK) has announced the acquisition of common stock shares in Genelabs Technologies by one of its subsidiaries.

Through Gemstone Acquisition Corporation (GAC), a group wholly-owned by GSK, the firm has successfully completed the tender offer of an interest in Genelabs’ common stock following the expiration of its January 6th midnight deadline.

GSK has been advised by the depositary that Genelabs shareholders have tendered – and not withdrawn – 39,250,243 shares of common stock.

This equates to 88.55 per cent of outstanding shares now fully diluted and held by GSK and its subsidiaries – with GAC having accepted all involved payments and exercised its previously agreed right to top-up with further shares.

GAC will now operate a 90 per cent interest in common Genelabs stock via newly-purchased shares – which could lead to the introduction of a short-form merger that would not require the consultation of Genelabs shareholders.

“As a result of the merger, Genelabs will become a wholly-owned subsidiary of GSK and Genelabs shares will cease to be traded on The NASDAQ Capital Market,” the company said in a statement.

Last month it was announced that GSK had registered its intent to acquire Bristol-Myers Squibb Pakistan in a deal estimated to be worth around $36.5 million (24.6 million pounds).

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