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Glaxo to Buy Heart Drug Firm Reliant for $1.65 Billion

GlaxoSmithKline has agreed to buy privately held heart drug specialist Reliant Pharmaceuticals for $1.65 billion in cash, Europe's biggest pharmaceuticals group said on Wednesday.

The sale marks a change of tack for Reliant, which had been considering an initial public offering.

Glaxo said the deal would be slightly accretive to earnings in 2008, excluding integration costs, and will create additional value in following years. It is expected to close by year-end.