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PHILADELPHIA, Pa. - GlaxoSmithKline said late Wednesday that it will acquire Genelabs Technologies Inc. for $57 million.
The company said the deal will strengthen Glaxo's effort to develop treatments for the hepatitis C virus.
"Genelabs has demonstrated a strong track record in (hepatitis C virus) drug discovery and identified numerous novel classes of inhibitors that target unprecedented mechanisms in the virus's life cycle," said Zhi Hong, senior vice president of the Infectious Diseases Centre for Excellence in Drug Discovery at GlaxoSmithKline.
Under the terms of the agreement, Glaxo will pay $1.30 per share of outstanding Genelabs common stock. The deal is expected to close in December.
The board of directors of Redwood City, Calif.-based Genelabs has unanimously recommended that shareholders tender their shares in the offer.
Genelabs' shares ended Wednesday unchanged at 23 cents.
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