British drugmaker GlaxoSmithKline Plc (LON:GSK) said on Tuesday it had struck a deal to buy the shares it does not already own in proteomics technologies developer Cellzome for GBP61m (USD98.1m/EUR76.3m) in cash.
By taking full control over this company, Glaxo will gain a proteomic mass spectrometry and screening capability which provides it with an improved knowledge of drug targets. The transaction is in line with the buyer’s research and development (R&D) strategy of cooperating with external partners. It is expected to close on 21 May 2012.
As the company is not interested in some of Cellzome’s assets and activities, the latter’s stockholders, including Glaxo with its current 19.98% holding, will form a spin-off entity to hold the rights to these operations.
At present, Glaxo and Cellzome are working together on two active early-stage research initiatives using the discovery capabilities within the immune-inflammation therapy area. Following the takeover, the buyer would be able to use these technologies across its entire portfolio. Including this transaction, Glaxo has made a total of three platform technology acquisitions since 2007, it said.
Cellzome makes proteomics technologies which are used during the drug discovery process. The firm operates through its laboratories in Cambridge, the UK and Heidelberg, Germany.