GSK completes acquisition of Sirtris Pharmaceuticals

Source: Healthcare Digital

Date :10/06/2008 11:05:54

Europe’s biggest drugmaker GlaxoSmithKline has completed its acquisition of Sirtris Pharmaceuticals, Inc. for US$720 million (£362 million).

GSK paid US$22.50 (£11.33) per share for Sirtris - an 84 percent premium to the Sitris' price before the deal was announced in April.

Development

Sirtris, based in Cambridge, Massachusetts, focuses on developing drugs that activate sirtuins, a class of enzymes involved in aging. Its most advanced compound is a formulation of resveratrol, a substance found in red wine and plants.

The purchase gives the drugmaker a foothold in a new area of research and could lead to treatments for diabetes, muscle wasting and neurodegeneration.

Sirtris will become part of GSK’s Drug Discovery organisation, while continuing to operate from laboratories in Cambridge, Massachusetts, as an autonomous drug discovery unit. CEO Christoph Westphal and the management team will continue to lead the unit.