Tesaro shares surged 58% Monday after GlaxoSmithKlineagreed to buy the cancer treatment company for $75 per share, or about $5.1 billion.
The deal represents a more than 60% premium over Tesaro’s closing price on Friday of $46.38 per share. GlaxoSmithKline’s stock was 8.2% lower Monday.
“The acquisition of Tesaro will strengthen our pharmaceuticals business by accelerating the build of our oncology pipeline and commercial footprint, along with providing access to new scientific capabilities,” GlaxoSmithKline CEO Emma Walmsley said in a statement.
The acquisition hands Glaxo Tesaro’s ovarian cancer drug Zejula, which went on sale in the US and Europe last year. Zejula is one of a new class of drugs known as PARP inhibitors, which have increased survival rates for women with recurrent ovarian cancer. PARP inhibitors are also showing promise in other forms of cancer, such as lung, breast and prostate.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI