GSK announces acquisition of Reliant Pharmaceuticals
22 November 2007 00:00 in Pharmaceutical Company Restructures
GlaxoSmithKline (GSK) has announced that it is to acquire Reliant Pharmaceuticals for $1.65 billion (800 million pounds) in cash.
The two companies have reached an agreement on the acquisition which is now subject to approval by the US Federal Trade Commission with a decision expected by the end of the year.
The move will expand GSK's cardiovascular portfolio as the acquisition will see Reliant's Lovaza added to the GSK product range.
Lovaza is a treatment indicated to reduce triglyceride levels in adults with very high amounts of the fatty substance.
Formerly known as Omacor, Lovaza has seen a rapid uptake among patients and healthcare professions with sales of $206 million for the nine months ending September 30th.
Chris Viehbacher, president of US Pharmaceuticals at GSK, confirmed: "The addition of Lovaza to the GSK portfolio adds a new driver of sales growth in the US business."
He went on to suggest that the addition of Lovaza would complement GSK's own treatment for heart failure and hypertension - Coreg CR - and extend it growing profile in the cardiovascular disease area.
Also this week, GSK and Genmab have initiated a Phase III programme investigating the use of ofatumumab in the treatment of rheumatoid arthritis.
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Story collated for Zenopa by the Adfero News Agency