12.27.06
GlaxoSmithKline and Praecis Pharmaceuticals, Inc. entered into a definitive agreement whereby GSK will acquire all outstanding shares of Praecis for a total of approximately $54.8 million.
Praecis, a biopharmaceutical company, has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin's lymphoma and solid tumors, a drug discovery technology, DirectSelect, which enables the generation of large libraries for the discovery of orally active compounds for drug development, and a R&D program aimed at identifying one or more selective S1P-1 agonist compounds to advance into clinical testing.
"Praecis has created novel therapeutic programs and innovative chemical-synthesis and screening technology that will complement our own discovery capabilities," said Allen Oliff, senior vice president, molecular discovery research, GSK.
Kevin F. McLaughlin, Praecis' president and chief executive officer, stated, "We are pleased to announce this transaction which culminates a process initiated and directed by our Board to enhance and realize value for our stockholders."
The acquisition, subject to certain conditions, has been approved by the boards of directors of both companies and is expected to close in the first quarter of 2007.
Praecis, a biopharmaceutical company, has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin's lymphoma and solid tumors, a drug discovery technology, DirectSelect, which enables the generation of large libraries for the discovery of orally active compounds for drug development, and a R&D program aimed at identifying one or more selective S1P-1 agonist compounds to advance into clinical testing.
"Praecis has created novel therapeutic programs and innovative chemical-synthesis and screening technology that will complement our own discovery capabilities," said Allen Oliff, senior vice president, molecular discovery research, GSK.
Kevin F. McLaughlin, Praecis' president and chief executive officer, stated, "We are pleased to announce this transaction which culminates a process initiated and directed by our Board to enhance and realize value for our stockholders."
The acquisition, subject to certain conditions, has been approved by the boards of directors of both companies and is expected to close in the first quarter of 2007.