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GlaxoSmithKline is acquiring California biopharmaceutical firm Sierra Oncology for $1.9 billion in a deal expected to help both companies take a major step in developing a treatment for rare types of cancer.
The deal values Sierra’s shares at $55 each. The takeover will happen via a one-step merger that will cancel all outstanding shares in Sierra and convert these into the right to receive the per-share price in cash. The merger needs to be approved by at least a majority of the issued and outstanding shares to push through, plus regulatory and other customary conditions. The transaction is expected to close on or before the third quarter of 2022.
Central to the takeover is Sierra’s momelotinib, which with GSK’s expertise in hematology, may be developed to create therapies that address many critical unmet needs of patients diagnosed with myelofibrosis with anemia. Myelofibrosis is a fatal type of cancer of the bone marrow.
Click here to read the full article at BioSpace
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