GlaxoSmithKline to Acquire Sierra Oncology for $1.9 Billion
April 13 2022 - 1:57AM
Dow Jones News
By Ian Walker
Pharmaceutical giant GlaxoSmithKline PLC said Wednesday that it
is buying biopharmaceutical company Sierra Oncology Inc. for $1.9
billion, and backed its guidance.
GlaxoSmithKline will pay $55 per share in cash, a 39% premium to
its closing price of $39.52 on Tuesday. The deal has the support of
Sierra's board as well as shareholders owning 28% of its stock.
Glaxo reaffirmed its guidance. It expects 2021-2026 sales growth
of more than 5% and for 10% adjusted operating profit.
The deal is expected to close in the third quarter of this
year.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 13, 2022 02:42 ET (06:42 GMT)
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