GlaxoSmithKline(NYSE:GSK) has acquired Reliant Pharmaceuticals following the US Federal Trade Commission's early termination of the waiting period required by U.S. anitrust law.
The acquisition adds Reliant's cardiovascular drugs to the GlaxoSmithKline pipeline. These include Lovaza (omega-3-acid ethyl esters) and FDA approved treatment for adults with a very high level of triglycerides.
Reliant was acquired for $1.65 billion cash and GSK expects the acquisition will add slightly to earnings in 2008, excluding integration costs, and will created additional revenue in following years. The purchase gives GSK marketing rights to Lovaza in the U.S. and Puerto Rico.
"We're eager to begin building on Reliant's success with Lovaza," said Chris Viehbacher, President, US Pharmaceuticals, GSK. "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."
GSK will also acquire three other cardiovascular products marketed by Reliant: DynaCirc CR (isradipine), InnoPran XL (propanolol HC10, both of which treat hypertension, and Rythmol SR (propafenone) which treats abnormal heart rhythms.
[Source: PRNewsWire]
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