GSK completes Reliant acquisition
20 December 2007 00:00 in Pharmaceutical Company Restructures
GlaxoSmithKline (GSK) has completed the acquisition of Reliant Pharmaceuticals which will see Reliant's cardiovascular medicines join the GSK portfolio in the US.
The announcement follows a decision by the US Federal Trade Commission to bring about an early termination to the waiting period required by American law.
GSK has acquired Reliant for $1.65 billion (800 million pounds) in cash with the pharmaceutical company expecting the transaction to be slightly accretive to earnings in 2008.
Reliant products which will join GSK's portfolio include Lovaza, the approved treatment for adult patients with very high levels of triglycerides.
Formally known as Omacor, Lovaza provided Reliant with net sales of $206 million in the nine months up to September 2007 - an increase of 115 per cent over the same period in 2006.
Chris Viehbacher, president of US Pharmaceuticals at GSK, confirmed that the company was eager to begin building on Reliant's success with Lovaza.
"We think this medicine has significant potential to help larger numbers of patients and we expect it to become an important driver of sales growth in the US," he stated.
Also this week, GSK has received a complete response letter from the US Food and Drug Administration in relation to its application for the Cervarix cervical cancer vaccine.
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Story collated for Zenopa by the Adfero News Agency