GSK acquires Sirtris Pharmaceuticals

GlaxoSmithKline (GSK) has announced that it has completed its acquisition of Sirtris Pharmaceuticals for a total sum of approximately $720 million (362 million pounds) through a cash tender offer of $22.50 per share.

Last week, GSK announced the successful completion of the tender offer by its wholly-owned Fountain Acquisition Corporation subsidiary, with approximately 28,931,756 Sirtris shares equal to 97 per cent of the outstanding common stock in the firm tendered.

The deal had been approved by the Sitris board of directors in May 2008, with shareholders advised that it is a fair offer in their best interests.

Sirtris Pharmaceuticals is a biopharmaceutical firm focused on discovering and developing orally-adminsitered small molecule compounds to treat diseases associated with ageing, including type two diabetes and other metabolic conditions.

Drug candidates from the company activate sirtuins – a recently-discovered class of enzymes that the firm believes controls the ageing process – mimicking benefical health effects of calorie restriction.

“Through the acquisition of Sirtris, GSK has significantly enhanced its metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins,” GSK said.

It added that Sirtris will become part of the company’s drug discovery organisation while continuing to operate as an autonomous unit led by chief executive officer and vice-chair Christop Westphal and the management team from its existing site at Cambridge, Massachusetts.