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GSK buys Corixa

Executive Summary

GlaxoSmithKline PLC has agreed to acquire the 92% of its long-time partner, immunotherapeutics company Corixa, it does not already own. The company is paying £2.31 ($4.40) in cash for each of Corixa's common shares or common-share equivalents (a 52% premium to the market average), or about $300mm. It will also assume $100mm of Corixa's outstanding convertible notes (due 2008).
Deal Industry
  • Biotechnology
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Acquisition
    • Includes Contract
    • Partial Acquisition
    • Payment Includes Cash

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