Showing no sign of buyer's fatigue, GlaxoSmithKline has agreed to pay $54.8 million for Waltham, MA-based Praecis Pharmaceuticals, which has been developing cancer therapies. The price values Praecis' stock at $5, double yesterday's closing price. GSK recently agreed to buy Domantis and forged a $2.1 billion licensing deal with Genmab, in addition to other deals that are designed to bulk up its pipeline.
"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 of molecular discovery research at Glaxo.
- check out the press release on the deal
- read the report on the buyout from TheStreet.com