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GlaxoSmithKline: buys US biotech firm for 5.1 bn dollars

( - GlaxoSmithKline said on Monday that it has reached an agreement to acquire the US-based oncology company Tesaro for 5.
1 billion dollars, news that sent its shares tumbling almost 7% in London today.

GSK said it will acquire the Waltham, Massachusetts-based firm to strengthen its pharmaceutical business, pipeline and commercial capability in oncology, the British drugmaker said.

Tesaro's major marketed product, Zejula, is currently approved in the US and Europe as a treatment for adult patients with recurrent ovarian cancer.

In addition, Zejula is subject to other clinical trials, the first results of which are expected in the second half of 2019.

However, the price paid by GSK seemed to be too much, a number of analysts thought.

Indeed, the acquisition price of 75 dollars per share in cash represents a 110% premium to Tesa's 30-day weighted average price of 35.7 dollars.

This explained investors' negative reaction: the GSK share is currently down 6.9% at 1,509.6 pence in London. However, across the Atlantic on the Nasdaq, Tesaro shares are skyrocketing - up 58%, at 73.5 dollars.

The move comes after GSK this morning announced that it has sold its Indian malted milk hot drink Horlicks and other consumer healthcare nutrition brands to Unilever as part of its strategic review,

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