GlaxoSmithKline plc (GSK, GSK.L) said it agreed to acquire those shares it does not currently own in Cellzome for $99 million in cash. Cellzome, a privately owned company with laboratories in Cambridge, UK, and Heidelberg, Germany, will become part of GSK's R&D organisation.
GSK, which currently owns a 19.98 percent equity interest in Cellzome, will assume full control of the company. Simultaneous with the acquisition, Cellzome shareholders, including GSK, intend to create a spin-off company, which would hold the rights to certain of Cellzome's assets and activities that GSK does not wish to progress. The acquisition is anticipated to complete on 21 May 2012.
"The acquisition of Cellzome adds significantly to our scientific capabilities and capacity to characterise drug targets and provides the opportunity to further enhance GSK's ability to bring medicines to patients in a more effective manner," said John Baldoni, senior vice president, Platform & Technology Science, at GSK.
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