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.
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