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GSK in Sirtris takeover

Sirtris Pharmaceuticals has been taken over by GlaxoSmithKline (GSK) as part of an agreement involving the acquisition of the company's research portfolio through a cash tender offer of £11.33 per share
Sirtris Pharmaceuticals has been taken over by GlaxoSmithKline (GSK) as part of an agreement involving the acquisition of the company's research portfolio through a cash tender offer of £11.33 per share.

The agreement means GSK will pay Sirtris $720m (£362m), which specialises in the development of medicines to treat conditions related to the ageing process. Through the deal, GSK hopes to enhance its metabolic, neurological, immunologic and inflammation research capabilities.

Moncef Slaoui, chairman of GSK R&D, said: "This acquisition continues GSK's strategy of pursuing the best new science, externally or internally, to bring new medicines to patients and value to the GSK pipeline. Our intent is to retain all Sirtris employees and continue the entrepreneurial and innovative culture they created."

Sirtris will become part of GSK's drug discovery organisation and is expected to continue operating from its laboratories in Massachusetts, acting as an autonomous research unit.

Dr Christoph Westphal, CEO and vice-chair of Sirtris, said: "We expect this transaction will accelerate our vision to target sirtuins to treat diseases of metabolism and ageing and deliver tremendous value to patients, our shareholders and our employees."

6th May 2008

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