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Tuesday, April 22, 2008 7:02:35 PM
SIRT
Sirtris Pharmaceuticals, Inc. NASDAQ-GM
GlaxoSmithKline To Buy Sirtris Pharmaceuticals For About $720 Million - Quick Facts
(RTTNews) - GlaxoSmithKline (GSK) said Tuesday that it has agreed to buy Sirtris Pharmaceuticals Inc. (SIRT) for about $720 million or about GBP362 million through a cash tender offer of $22.50 or about GBP11.33 per share.
Through the acquisition of Sirtris, GSK will significantly enhance its metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the ageing process.
Sirtris will become part of GSK's Drug Discovery organisation, while continuing to operate from laboratories in Cambridge, Massachusetts as an autonomous drug discovery unit. Christoph Westphal, CEO and Vice Chair of Sirtris and the management team will continue to lead this autonomous unit.
Under the agreement, a subsidiary of GlaxoSmithKline will commence a cash tender offer to purchase all of the outstanding shares of Sirtris, at $22.50 (or about GBP11.33) per share followed by a second step merger in which any untendered Sirtris shares would be acquired at the same price per share. The parties anticipate that the tender offer will be commenced in early May and close in the second quarter of 2008.
Sirtris Pharmaceuticals, Inc. NASDAQ-GM
GlaxoSmithKline To Buy Sirtris Pharmaceuticals For About $720 Million - Quick Facts
(RTTNews) - GlaxoSmithKline (GSK) said Tuesday that it has agreed to buy Sirtris Pharmaceuticals Inc. (SIRT) for about $720 million or about GBP362 million through a cash tender offer of $22.50 or about GBP11.33 per share.
Through the acquisition of Sirtris, GSK will significantly enhance its metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the ageing process.
Sirtris will become part of GSK's Drug Discovery organisation, while continuing to operate from laboratories in Cambridge, Massachusetts as an autonomous drug discovery unit. Christoph Westphal, CEO and Vice Chair of Sirtris and the management team will continue to lead this autonomous unit.
Under the agreement, a subsidiary of GlaxoSmithKline will commence a cash tender offer to purchase all of the outstanding shares of Sirtris, at $22.50 (or about GBP11.33) per share followed by a second step merger in which any untendered Sirtris shares would be acquired at the same price per share. The parties anticipate that the tender offer will be commenced in early May and close in the second quarter of 2008.
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