GlaxoSmithKline submits offer for Sirtris Pharmaceuticals

Fountain Acquisition Corporation, a wholly-owned subsidiary company of GlaxoSmithKline (GSK), has put in a cash tender offer to acquire all outstanding shares in Sirtris Pharmaceuticals.

The offer, $22.50 (£11.50) in cash without interest excluding required withholding taxes, follows an agreement between the companies in April.

The subsequent merger has been recommended by the Sirtris board of directors and shareholders have been advised it is a fair offer in their best interests.

GSK indicated that the offer expires at midnight on Friday May 30th 2008 and is “subject to customary conditions, including the acquisition by GSK of a majority of the outstanding shares of Sirtris common stock on a fully diluted basis”.

Sirtris is a biopharmaceutical company that focuses on discovering and developing drugs for the treatment of diseases associated with ageing, including type 2 diabetes.

GSK’s UK base is in Middlesex and it has operations in many countries around the world.