GlaxoSmithKline has agreed to buy oncology-focused pharmaceutical company Tesaro Inc. for about $4.16 billion in cash as it looks to expand its oncology pipeline of commercially viable drugs.
The British pharmaceutical company said it would offer $75 a share in cash to Tesaro shareholders, a 62% premium from its share price on last Friday’s close. The deal will also include the assumption of debt.
The Waltham, Mass.-based Tesaro is a commercial-stage biopharmaceutical company that is best known for Zejula, a treatment for ovarian cancer. Zejula is currently approved in both the U.S. and Europe for the treatment of adult patients with recurrent ovarian cancer. The drug has also worked well with chemotherapies regardless of which mutation or biomarker status the patient may carry, the company said in a release.
“The acquisition of Tesaro will strengthen our pharmaceuticals business by accelerating the build of our oncology pipeline and commercial footprint, along with providing access to new scientific capabilities,” said GlaxoSmithKline Chief Executive Emma Walmsley in prepared remarks.
By Kimberly Chin
Sun Pharmaceutical Industries has signed a definitive agreement to buy all outstanding shares of Concert Pharmaceuticals in a deal valued at $576m. Under the deal, the company will buy all shares of Concert common stock through a tender offer for $8.00 per share in cash upfront payment.
The Food and Drug Administration on Thursday approved Novo Nordisk’s diabetes pill Rybelsus as an initial treatment to lower blood sugar levels, a label expansion that will allow it to compete more directly with other oral drugs from Merck & Co. and Eli Lilly.
Since making an ill-advised $63 billion buy of Monsanto in 2018, Bayer has faced heaps of pressure from investors that have called for the company to oust its leadership and to restructure. Now comes new pressure from a familiar source. Bluebell Capital Partners has bought an undisclosed stake in the company and is agitating for a breakup, sources told Reuters.