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Glaxo to Buy Biotech Domantis for $450 Million

GlaxoSmithKline agreed to buy privately owned biotech company Domantis, a specialist in developing a new generation of antibody drugs, for 230 million pounds ($452.8 million).

Europe's biggest drugmaker said Domantis would become part of its biopharmaceuticals drug discovery unit while continuing to operate from laboratories in Cambridge, England.

The deal is the latest in a string of recent biotech acquisitions by large pharmaceutical companies eager to boost their pipelines of new medicines.