After having announced job cuts, reorganizing plans and pipeline rationalization for countless times, GlaxoSmithKline’s CEO Emma Walmsley today announced, as trading started in Europe, her first acquisition. Indeed, GSK informed it has acquired US-based biotech Tesaro for $5.1bn in cash.
Tesaro focuses on developing and marketing cancer treatments. Its main asset is PARP inhibitor Zejula, already approved for the treatment of ovarian cancer and currently undergoing clinical testing as a first-line treatment of other cancer types.
GlaxoSmithKline has paid Tesaro a price corresponding to a 59% premium over last Friday’s closing price. Investors in GSK apparently have not welcomed the news and they have partly lost interest in its shares, which have declined by over 5%.