GlaxoSmithKline to buy Tesaro for $5.1B

Drug giant GlaxoSmithKline agreed to buy cancer treatment company Tesaro for about $5.1 billion including debt, according to CNBC.

The deal gives GlaxoSmithKline access to Tesaro's ovarian cancer drug Zejula,  within a new class of drugs known as PARP inhibitors. PARP inhibitors have increased survival rates for women with stubborn ovarian cancer.

"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," GlaxoSmithKline CEO Emma Walmsley told CNBC.

The deal, expected to close in the first quarter of 2019, was unanimously approved by Tesaro's board. The cancer treatment company began exploring the possibility of a sale more than a year ago, according to The Wall Street Journal.  

The deal  positions GlaxoSmithKline deeper  into the highly competitive PARP-inhibitor cancer market. It likely will race market-leading PARP-inhibitor manufacturer  AstraZeneca to test the inhibitors on other cancer types, according to WSJ.

Centerview Partners provided financial advice to Tesaro.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Articles We Think You'll Like

 

Featured Whitepapers

Featured Webinars