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Apr-23-2008Glaxo to Buy Sirtris, Maker of Red Wine-Based Drug for Aging(topic overview)
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After the markets closed today, GSK announced a $720 million cash tender offer for Sirtris, or $22.50 per share, representing an 84 percent premium over Sirtris's closing price today of $12.23. Sirtris focuses on developing drugs that treat diseases related to metabolism and aging, such as Type 2 diabetes, by activating a class of enzymes called sirtuins. It has a single drug candidate, SRT501, in early safety-and-dosing trials as a potential diabetes treatment. [1] Glaxo said it will commence a cash tender offer for all outstanding shares of Sirtris, at $22.50 per share. That reflects a 84 percent premium to their closing price of $12.23 Tuesday. "Through the acquisition of Sirtris, GlaxoSmithKline will significantly enhance its metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the aging process," the companies said in a joint release.[2]
The deal calls for GlaxoSmithKline to pay $22.50 per share to acquire Sirtris through a cash tender offer. That consideration represents a premium of about 84% to Sirtris' closing price of $12.23.[3]
Shares of Sirtris Pharmaceuticals rose as much as 80.46 percent to $22.07 in after trading hours on Tuesday in the New York Stock Exchange as healthcare group GlaxoSmithKline Plc. entered into a definitive agreement to acquire Sirtris for $720 million in a cash tender offer of $22.50 per share. Get stories by e-mail on this topic.[4]
Sirtris Pharmaceuticals Inc., the Cambridge biotech company that has attracted national attention for trying to use drugs based on an extract in red wine to fight diabetes and other age-related diseases, is being sold to British pharmaceuticals giant GlaxoSmithKline PLC for $720 million, the companies said late yesterday. The purchase price of $22.50 per share is nearly double the company's closing price yesterday of $12.23, and more than double its initial offering price of $10 per share in May 2007.[5] NEW YORK (Associated Press) - GlaxoSmithKline PLC on Tuesday agreed to buy Sirtris Pharmaceuticals Inc. for $720 million to bolster the British pharmaceutical maker's pipeline with Sirtris' experimental biotechnology treatments targeting aging-related diseases. Glaxo said after markets closed Tuesday that it would pay cash to acquire all the shares of Sirtris, a 3-year-old firm that relied on venture capital funding before making its initial public offering last May. The companies said in a joint news release that their boards have approved a deal expected to close in the current quarter, subject to regulatory approval.[6]
British drug giant GlaxoSmithKline PLC has agreed to acquire Sirtris Pharmaceuticals Inc. of Cambridge for $720 million. Glaxo said it would keep Sirtris (NASDAQ: SIRT) as an autonomous unit of its drug discovery business and plans to retain Sirtris CEO Christoph Westphal and the rest of the company's employees.[7] After financial markets closed today, news broke that pharmaceutical giant GlaxoSmithKline (NYSE: GSK ) will pay $720 million to acquire Cambridge, MA-based Sirtris Pharmaceuticals (NASDAQ: SIRT ), which is researching and testing drugs for ageing-related conditions such as diabetes and cancer.[8]
NEW YORK (Reuters) - GlaxoSmithKline (nyse: GSK - news - people ) Plc said Tuesday it had agreed to buy biotechnology company Sirtris Pharmaceuticals (nasdaq: SIRT - news - people ) Inc for $720 million in cash, in hopes its medicines that modulate an aging-related family of enzymes will be effective against a wide range of diseases.[2]
Sirtris closed down 4% at $12.23 today on less than 90,000 shares. As a result of the buyout, GSK will enhance its metabolic, neurology, immunology and inflammation research efforts with the establishment of a presence in the field of sirtuins. This recently discovered class of enzymes is believed to be involved in the aging process and Sirtris Pharmaceuticals has established a drug discovery capability to exploit sirtuin in human diseases, which could generate multiple clinically and commercially products.[9] Sirtris (Nasdaq: SIRT), with about 60 employees, will become part of GSK's drug discovery operations and remain in Cambridge as an autonomous drug unit of the company. Sirtris founder and CEO Christoph Westphal will remain head of the unit once the cash sale of about $22.50 per share closes later this year. That's almost double the $12.23 price per share Sirtris closed at Tuesday.[10] Sirtris is developing sirtuin modulation-based treatments for neurological, inflammatory and metabolic diseases. Its key focus has been on a Type 2 diabetes treatment. GlaxoSmithKline (nyse: GSK - news - people ) said it intends to retain all Sirtris employees and the company will become part of its drug discovery organization while continuing to operate out of Cambridge, Mass. Both companies' boards of directors have approved the deal.[11] Glaxo said it plans to retain all Sirtris employees, which will continue to operate in Cambridge, Massachusetts, as an independent unit. "Almost all diseases have as their basis the aging process, including cancer and heart disease," Sirtris Chief Executive Christoph Westphal said in an interview. "Glaxo's interest is in broad discovery, in going after several sirtuins to treat diseases of aging such as neurodegeneration, muscle wasting, inflammation and Type 2 diabetes," Westphal said. "We're both very excited in treating these diseases of aging in a new way." Westphal said several other companies are also exploring such treatments, but that Sirtris appears to be at least several years ahead in terms of acquiring patents and conducting clinical trials. In early-stage trials of patients with Type 2 diabetes, he said, one experimental Sirtris drug was significantly able to improve insulin sensitivity -- meaning the ability of the body's insulin to break down blood sugar. It also showed a trend toward controlling glucose, he said.[2]
Sirtris is testing a modified version of a red wine extract called resveratrol in people with Type 2 diabetes. "Modulation of this family of enzymes is a potentially transformative science that could address diseases associated with metabolism and ageing such as diabetes, muscle wasting, and neurodegeneration," said Moncef Slaoui, chairman of Glaxo's research and development unit. Slaoui said Glaxo hopes to keep Sirtris' current staff of 60 employees in Cambridge, where they would become an autonomus unit within Glaxo's Drug Discovery operations.[6] Sirtris has established a drug discovery capability to exploit sirtuin modulation for the treatment of human disease, an approach that has the potential to generate multiple clinically and commercially important products. Their focus to date has been on the development of SIRT1 activators for the treatment of Type 2 diabetes. Moncef Slaoui, chairman of GSK's research and devlopment, said the firm intends to retain all Sirtris employees and to continue the entrepreneurial and innovative culture they have created.[12]
The company's efforts so far have been focused on developing a treatment for type 2 diabetes. GSK (NYSE: GSK) said drugs developed from the sirtuins family of enzymes could produce major breakthroughs in treating diseases associated with metabolism and aging - such as muscle wasting and neurodegeneration. Sirtris will operate as an autonomous unit with its current management team in Cambridge.[13] GlaxoSmithKline (nyse: GSK - news - people ) said the deal gives it a presence in the field of sirtuins, which it described as 'enzymes that are believed to be involved in the ageing process.' The company said the focus of Sirtris to date has been on the development of SIRT1 activators for the treatment of type 2 diabetes.[3]
Glaxo said in a news release that the $720 million deal will help it get involved with sirtuins, a recently-discovered class of enzymes believed to have a role in the aging process. Sirtris said early this year that its red-wine drug, which targets the sirtuin 1 enzyme, was well-tolerated and safe for patients in an early study in diabetics. It's still early to tell whether the drug, code named SRT501, will work out.[14] The deal offers a financial windfall for the Sirtris' Boston-based investors, including Red Sox owner John Henry, Fidelity Investments and investment guru Peter Lynch. By acquiring Sirtris, GSK will significantly enhance its metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins, a recently-discovered class of enzymes that are believed to be involved in the aging process.[12]
The British pharmaceutical firm (NYSE: GSK) plans to begin a tender offer of $22.50 per share of Sirtris common stock in May and close the deal in the second quarter of 2007.[7] The U.K. -based company said it will pay about $720 million, or $22.50 per share through a cash tender offer, for Cambridge, Mass. -based Sirtris.[11] The drug giant will pay approximately $720 million via a cash tender offer of $22.50 per share.[9]
Under the agreement, a subsidiary of GlaxoSmithKline will commence a cash tender offer to purchase all of the outstanding shares of Sirtris, at US$22.50 per share followed by a second step merger in which any untendered Sirtris shares would be acquired at the same price per share.[15]
With Glaxo offering 22.50 per share, an 84 percent jump from yesterday's 12.23 closing price, the stunning international deal promises a financial windfall for Sirtris' Boston-area investors, including Red Sox owner John Henry and Fidelity Investments.[16] The $720 million price represents an 84% premium over Tuesday's $12.23 closing price for Sirtris' stock. Sirtris went public a year ago, when its shares began trading at $10 apiece.[17] Sirtris's stock closed at $12.23 per share Tuesday. Sirtris has gained wide recognition for its experimental, anti-aging treatments.[7]
Sirtris shares closed down 4% Tuesday prior to the news, at $12.23. Big pharma companies, pained by generic competition, have turned to licensing deals and acquisitions to bolster their pipelines.[18] The purchase gives Glaxo a foothold in a new area of research and could lead to treatments for diabetes, muscle wasting and neurodegeneration, the company said. "It's not an inexpensive price, for sure, but this could be a good investment from Glaxo's standpoint,'' said Linda Bannister of Edward Jones & Co. in a telephone interview. "Companies like Glaxo are continuing to look for deals whether it's licensing products or making small acquisitions to augment their current pipeline, so this makes sense.''[19] Through the acquisition announced on Tuesday, Glaxo will reinforce its research in the field of enzymes involved in the aging process that could treat multiple human diseases associated with aging such as diabetes, muscle wasting and neurodegeneration, according to Glaxo Research and Development chairman Moncef Slaoui. Both companies anticipate that the buyout will proceed in early May and close in the second quarter of 2008.[4]
Sirtris will become part of Glaxo's drug discovery organization, while continuing to operate from laboratories in Cambridge as an autonomous drug discovery unit. Christoph Westphal, chief executive and vice chairman of Sirtris, said the current management team will continue to lead this autonomous 60-person unit. "We expect this transaction will accelerate our vision to target sirtuins to treat diseases of metabolism and aging and deliver tremendous value to patients, our shareholders and our employees," he said in a statement.[16] According to a press release, Sirtris will become part of GSK's Drug Discovery operation and will operate as an autonomous unit, based in Cambridge, under the leadership of current CEO Christoph Westphal.[1]
Sirtris will become part of GlaxoSmithKline's Drug Discovery organization, while continuing to operate from laboratories in Cambridge, Massachusetts as an autonomous drug discovery unit.[15]
GlaxoSmithKline says it plans to continue to operate Sirtris as an autonomous drug discovery unit, with Westphal and the rest of the management team at the helm. Westphal said he plans to stick with the company for the long term, despite his history of starting one venture after another, because of its potential to attack aging-related diseases. "This is probably going to be one of the most important things I've done in my life," Westphal said. "This is a unique moment in drug discovery."[5] Though Westphal is careful to say the company is focused on treating specific diseases - not aging - many articles have suggested Sirtris could be on the verge of discovering the fountain of youth. As part of GlaxoSmithKline, Westphal said Sirtris, which has close to 60 employees, will have deep pockets to step up its resources without needing to do additional fund-raising.[5] "We have built a dynamic and scientifically-driven organization," Westphal said in a prepared statement. "We expect this transaction will accelerate our vision to target sirtuins to treat diseases of metabolism and aging and deliver tremendous value to patients, our shareholders and our employees. We look forward to working with GlaxoSmithKline and their world-class research, development and commercialisation organization."[12]
Though Sirtris is at least four years away from bringing any drugs to market, Westphal has dazzled investors and the media with tantalizing research that resveratrol, a compound found in red wine, might be able to stimulate enzymes called sirtuins that appear to play a key role in aging.[5] Sirtris is a biopharmaceutical company that's developing drugs to target a class of enzymes called sirtuins. Its SIRT-501, which is in early-stage development, is an enhanced formulation of resveratrol (the healthful agent found in red wine) that targets one of those enzymes, SIRT1. The company also has discovered new chemical entities that are significantly more potent activators of SIRT1 and should enter the clinic this year, according to some analysts.[18] Sirtris, based in Cambridge, Massachusetts, focuses on developing drugs that activate sirtuins, a class of enzymes involved in aging. Its most advanced compound is a formulation of resveratrol, a substance found in red wine and plants.[19]
The company wanted access to Sirtris' research on Sirtuins, a class of enzymes thought to be involved in the aging process. That research has led to Sirtris' formulation of reservatrol, an ani-aging chemical found naturally in red wine it wants to use to treat a rare genetic disorder.[10] Sirtris' research focuses on a recently discovered class of enzymes known as sirtuins that are believed to be linked to the aging process, and appear to restrict calorie intake without a change in eating habits.[6]
The offer represents a premium of 84% to Tuesday's closing price of Sirtris. According to GlaxoSmithKline, the acquisition will significantly enhance its metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the ageing process.[15] The offer is 84 percent more than Sirtris' closing price yesterday of $12.23.[19] The deal is an 84 percent premium to Sirtris' Tuesday closing price of $12.23.[13] The deal values Sirtis at $22.50 a share, an 84 percent premium over its Tuesday closing price of $12.23.[20]
GlaxoSmithKline GSK announced Tuesday after the market closed that it is buying Sirtris Pharmaceuticals SIRT for $720 million, or $22.50 a share.[18] April 23 (Bloomberg) -- GlaxoSmithKline Plc, Europe's biggest drugmaker, said it agreed to buy Sirtris Pharmaceuticals Inc. for about $720 million, adding an experimental drug derived from red wine that's thought to slow the effects of aging.[19] BOSTON (AP) - GlaxoSmithKline agrees to buy Sirtris Pharmaceuticals of Cambridge for $720 million. The British pharmaceutical maker says the purchase will help them expand their pipeline with experimental biotech treatments targeting aging.[17]
B ritish drug giant GlaxoSmithKline is buying Sirtris Pharmaceuticals, a tiny Cambridge company, for a whopping 720 million, the two companies announced yesterday.[16] T he British drug giant GlaxoSmithKline is buying Cambridge-based Sirtris Pharmaceuticals for 720 million, the two companies announced today.[12]
British drug giant GlaxoSmithKline is buying Sirtris Pharmaceuticals, a tiny Cambridge.[12]
Last week it was Millennium, which was snapped up by Japan’s Takeda Pharmaceuticals for $8.8 billion. This time it's Cambridge, MA-based Sirtris Pharmaceuticals (NASDAQ: SIRT ), a company we've covered regularly, which is about to become part of London and Philadelphia-based GlaxoSmithKline (NYSE: GSK ).[1] GlaxoSmithKline (NYSE: GSK) has announced that it has entered into a definitive acquisition pact with Sirtris Pharmaceuticals Inc. (NASDAQ: SIRT).[9]
NEW YORK (Thomson Financial) - GlaxoSmithKline Tuesday agreed to acquire Sirtris Pharmaceuticals Inc. for $720 million.[3] GlaxoSmithKline has reached a deal to buy Sirtris Pharmaceuticals for $720 million in cash.[13]
Drug developer GlaxoSmithKline PLC said Tuesday it will buy Sirtris Pharmaceuticals Inc. in a move to expand its research efforts in a class of newly discovered enzymes and develop treatments for a variety of conditions.[11] This just in: GlaxoSmithKline says it will acquire Sirtris Pharmaceuticals, a Massachusetts company that's developing a drug based on resveratrol, a chemical found in red wine that is thought to fight some effects of aging.[14]
We anticipate that we would operate as we had expected to at least through the end of the year. MD: That's a great question. There will certainly be synergies to the extent that we will have access to GSK's research and development, and they are obviously a much larger and more sophisticated pharmaceutical company. What we can offer them is our entrepreneurial culture. This is a very fast-paced atmosphere, and we are hoping to infect the GSK culture with the Sirtris culture. MD: They do have labs in the Boston area, but we'll be liaising mainly with their Philadelphia headquarters.[8] News of the Sirtris sale comes just two weeks after Millennium Pharmaceuticals announced it had agreed to be bought by Japan's Takeda Pharmaceutical Co. Ltd. for $8.8 billion, after more than 15 years as an independent company.[10]
"(The deal) is great news for our company, our shareholders and Boston," said Michelle Dipp, Sirtris' senior director of corporate development. Dipp said the purchase will allow Sirtris to maintain its Cambridge presence, its entrepreneurial culture and its committed researchers. "The idea is (Glaxo) provides a large amount of financing, we have access to their resources, but they don't integrate us," Dipp said.[16] We will still be called Sirtris, and we'll be keeping our culture." "Sirtris employees are delighted with the deal," she said. In exchange, Glaxo will be able to enhance its metabolic, neurology, immunology and inflammation research efforts, the company said in a statement. This marks the second time in two weeks that a Massachusetts-based biotech firm has been purchased by an outside company.[16]
Glaxo says it has a definitive agreement to pay cash to acquire all the shares of Sirtris. Both companies' boards have approved a deal expected to close in the current quarter.[17] The deal calls for a Glaxo subsidiary to buy all of the outstanding shares of Sirtris, at 22.50 a share.[16]
Glaxo will pay $22.50 a share in cash for Sirtris, the London-based drugmaker said in an e-mailed statement.[19] London-based GSK, which has co-U.S. headquarters in Philadelphia and Research Triangle Park, will pay $22.50 for each share of Cambridge, Mass. -based Sirtris (Nasdaq: SIRT).[13]
GBP11.33) per share. Sirtris, which went public last May, priced its IPO at $10 a share, offering 6 million shares, raising a total of $62.4 million.[15] Sirtris was founded just in 2004 and completed a $60 million initial public stock offering just last May. GlaxoSmithKline said the acquisition will allow it to "significantly enhance its metabolic, neurology, immunology and inflammation research efforts."[10] Shares of GlaxoSmithKline finished at $43.79 in trading on the New York Stock Exchange.[3] Shares of Glaxo, the biggest european drugmaker closed 0.76 cents up at $43.73 on the New York Stock Exchange on Tuesday. This article is copyrighted by International Business Times.[4]
MDT finished Tuesday's regular trading at $49.25, down $0.30 or 0.61%, on a volume of 3.98 million shares on the NYSE. In after-hours trading, the stock further slipped $0.12 or 0.25%, and was at $49.13.[15] Shares of the Cambridge, Mass. -based firm began trading at $10 apiece in the stock's IPO last May.[6]
Shares of GlaxoSmithKline rose 9 cents to $43.82 in after-hours trading after rising 33 cents to close at $43.73 during the regular trading session.[11] Glaxo's shares edged up 9 cents, or 0.2% to $43.82 in recent post-market trading.[18] REST closed Tuesday's regular trading at $0.55, up $0.12 or 27.91%, on a volume of 154,780 shares on the Nasdaq.[15]
Less than a year ago, we went public at $10 a share. This offer is for $22.50 a share, which is a really fantastic premium for our shareholders.[8]
Glaxo's biggest recent foray into biotech was the $453 million acquisition of Domantis Ltd completed in January of 2007. Through its growing number of acquisitions and external alliances over the past two years, Glaxo is hoping to expand its roster of experimental drugs.[2] Type 2 is the most common form of diabetes, and usually develops in adulthood. In another deal announced just five days ago, Glaxo boosted its position in biotech by signing a collaboration agreement that could be worth up to $600 million with Regulus Therapeutics, taking it into the hot area of RNA technology.[2]
Sirtris, founded in 2004, is in the early stages of testing a reformulation of resveratrol to treat Type 2 diabetes. Sirtris eventually hopes to develop drugs to treat a number of aging-related diseases, such as cancer.[5] In the meantime, Sirtris has also been working on some new compounds that it says mimic the effects of resveratrol but with much more potency. Glaxo said targeting the sirtuin family could help it address diseases associated with metabolism and aging such as diabetes, muscle wasting and neurodegeneration.[14] The Sirtris molecule is 1,000 times more potent than resveratrol, and could lead to solutions for diseases of aging including cancer and diabetes, according to an article published in the journal Nature.[19]
Sirtris is in the early stages of developing treatments for Type 2 diabetes and other conditions associated with aging.[17] Sirtris Pharma is focused on the development of SIRT1 activators for the treatment of Type 2 Diabetes Mellitus.[15]
The price for Sirtris is reasonable compared with the research and development costs Glaxo would have to pay to advance similar compounds itself, Bannister said. "This helps us accelerate our vision,'' said Sirtris Chief Executive Officer Christoph Westphal in a telephone interview. "We want to get these drugs to market as soon as possible, and we wouldn't have been able to do it is fast alone.'' [19] Last year, Sirtris teamed with Harvard for another study that found two other sirtuins protect against cell damage, opening up another possible mechanism to slow the effects of aging. Westphal has often wowed audiences with pictures of mice and monkeys who look years younger after their sirtuins have been activated through a calorie-restricted diet, something that might be similarly possible with drugs that have the same effect.[5] Sirtris is working to develop drugs from a class of enzymes called sirtuins, which are believed to play a part in the aging process.[13] Pharmaceutical giant Glaxo (NYSE:GSK) said the deal would give it "a presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the aging process."[20] The firm has a leading presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the aging process.[16]
The firm has a pipeline of small-molecule drugs that target genes linked to enzymes called sirtuins that are believe to have anti-aging effects and could be used to treat diabetes, cancer and other major diseases.[7] Sirtris is focused on discovering and developing small molecule drugs that may be able to treat diseases associated with aging.[16]
The reason is that Sirtris will operate as an autonomous unit of GlaxoSmithKline's drug discovery organization.[8] Many of the companies, like Sirtris, are relatively young but have a promising pipeline of experimental drugs that could one day become blockbusters. Large drug companies have been aggressively scouting for biotech companies to fill their pipelines as patents on their old, established drugs expire. "This kind of transaction has become increasingly common," said Glen Giovannetti, global biotechnology leader for accounting firm Ernst & Young in Boston. "It's a reflection of how healthy the local start-up market is in terms of new companies being formed around exciting technologies."[5]
The acquisition has been approved by the board of directors of each company and is subject to customary closing conditions, including the tender of at least a majority of Sirtris' shares and clearance under the Hart-Scott-Rodino Antitrust Improvements Act.[12] We're a little company several years ahead of anyone else in the field and so that's a wonderful thing for a large pharmaceutical company to want to access.'' The acquisition was approved by the boards of both companies and is expected to be completed in the second quarter.[19]
The lead drug candidate, SRT501, could come to market as soon as five to seven years from now, Westphal said. He will be staying after the acquisition to continue working with the group.[19] SRT501 is being evaluated as a diabetes treatment in the second of three phases of human tests needed for regulatory approval, Holley said. Data from the study is expected later this year, he said. "Virtually any disease of aging may well be a way to apply this technology,'' Westphal said. "This is a very hot field.[19]
"We're stepping on the gas," Westphal said, adding that GlaxoSmithKline is committed to Sirtris's vision and will be a good research partner. "It's a wonderful thing for Boston biotech."[5]
The sale also marks the latest success for Sirtris chief executive Christoph Westphal, a former venture capitalist who previously cofounded Alnylam Pharmaceuticals Inc. and Momenta Pharmaceuticals Inc. in Cambridge.[5] Just two weeks ago, Japan's Takeda Pharmaceutical Co. bought Millennium Pharmaceuticals Inc., the state's third largest biotech, for $8.8 billion, making it the biggest deal in the history of the state's biotech industry.[5] The total value of the deal would be about $29 million, which included Restore Medical's debt also.[15] Henry, who invested 20 million in the company before it went public last May, is Sirtris' third largest shareholder and stands to make a 31 million profit on the deal.[16]
Sirtris emerged from research on sirtuins by a Harvard Medical School scientist, Dr. David Sinclair, a company co-founder.[6] SRT501 is a proprietary formulation of resveratrol, a chemical found in red wine that has been shown by Sirtris founder David Sinclair to activate sirtuins in lab animals, mimicking the age-retarding effects of calorie restriction.[1] Glaxo intends to retain all Sirtris employees. Early this month, the FDA granted Sirtris Pharma orphan-drug designation for resveratrol in the treatment of rare MELAS syndrome.[15] As I see it the dilemma for Sirtris, and now Glaxo is that the products they are developing already exist in effective natural, inexpensive form. Given, his synthetic analogs may be more potent or targeted against specific conditions such; however biotivia transmax, the natural form of concentrated resveratrol, is available now and has been shown in peer reviewed studies to be safe and effective.[1]
Absorbtion Was an issue with resveratrol. How did Sirtris get around this with its "proprietary drug? By micronizing the resveratrol (making it much smaller) which many labs CAN do. This is not a barrier to entry and is not patentable.[14] The orphan-drug designation provides Sirtris with seven years of marketing exclusivity upon FDA approval of the drug.[6] Interestingly enough, Sirtris has only been public less than a year, and its trading range has been almost entirely in a range of $10 to $20 since.[9] In after-hours trading, the stock further surged $0.93 or 169.09%, and was at $1.48.[15] Jon Ogg is a producer of and editor for both the Special Situations newsletter and the "10 Stocks Under $10" weekly newsletter for 247WallSt.com; he can be reached at [email protected] and he does not own securities in the companies he covers.[9]
GSK closed the day's trade up $0.33 at $43.73 on a volume of 3.07 million shares. [15] SIRT closed Tuesday's regular trade down 4.08% or $0.52 at $12.23 on a volume of 105,335 shares.[15]
X: Rightit comes to $720 million. MD: Absolutely, yes, we think it's a fair offer. [8] Last fall, Pfizer Inc. bought Coley Pharmaceutical Group in Wellesley for $164 million.[5]
SOURCES
1. GlaxoSmithKline Scoops Up Sirtris | Xconomy
2. Glaxo to buy biotech Sirtris in $720 mln deal - Forbes.com
3. GlaxoSmithKline to pay 84% premium to acquire Sirtris Pharma for $720M - Forbes.com
4. Sirtris Pharmaceuticals Shares rose 80% after Glaxo offers $720 Million - International Business Times -
5. Drug giant to buy Sirtris for $720m - The Boston Globe
6. GlaxoSmithKline to buy Sirtris for $720M
7. GlaxoSmithKline to buy Sirtris for $720M - Mass High Tech: The Journal of New England Technology:
8. Sirtris Exec Says Acquisition by GlaxoSmithKline is "Great for Boston" | Xconomy
9. 24/7 Wall St.: Sirtris Major Buyout Premium From GlaxoSmithKline, Public Under a Year (SIRT, GSK)
10. Sirtris Pharmaceuticals Inc. sold to GlaxoSmithKline for $720 million - Boston Business Journal:
11. GlaxoSmithKline paying $720 million for Sirtris - Forbes.com
12. GlaxoSmithKline acquires Sirtris for 720 million - BostonHerald.com
13. GlaxoSmithKline to buy Sirtris for $720M - Triangle Business Journal:
14. Health Blog : Glaxo to Acquire Red-Wine Pill Maker Sirtris
15. RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research .
16. GlaxoSmithKline buys Cambridge drug company Sirtis for 720 million - BostonHerald.com
17. Eyewitness News WPRI / FOX Providence - Providence, Rhode Island News, Weather, Traffic and Sports | GlaxoSmithKline to buy Sirtris for $720M
18. Glaxo Buying Sirtris Pharma | Drugs | GSK SIRT - TheStreet.com
19. Bloomberg.com: U.S.
20. GlaxoSmithKline to buy Sirtris for $720M - Philadelphia Business Journal:
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