GlaxoSmithKline takeover bid approved by ID Biomedical shareholders

Shareholders of Canadian vaccine maker ID Biomedical have agreed to allow GlaxoSmithKline to take over the company.

At a meeting on Wednesday, the takeover was approved by 84.8 per cent of all security holders and 82.8 per cent of minority shareholders. Meanwhile, 82.8 per cent approved changes to shareholders rights which were required to allow the buyout to go ahead.

The shareholders decision will allow GlaxoSmithKline to continue their C$1.7 billion (?829.6 million) bid. It has offered C$35 for each share, and will assume C$77 million of the company’s debt.

Anthony Hollar, chief executive of ID Biomedical, said that he hoped the deal could be completed by the end of the year, but could be slowed down by regulatory agencies and a federal election.

“If all of a sudden Parliament was dissolved that could delay approvals, but we’re anticipating that we’ll be able to get all the approvals in the coming few weeks, so hopefully we won’t be in that situation,” he told the Canadian Press.

The company has been given fast track status for its Fluviral influenza vaccine by the US Food and Drug Administration (FDA).

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