Navigation Links
GlaxoSmithKline Successfully Completes Tender Offer for Shares of Genelabs Technologies, Inc.
Date:1/7/2009

LONDON, Jan. 7 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (LSE/NYSE: GSK) announced today the successful completion of the tender offer by its wholly-owned subsidiary Gemstone Acquisition Corporation for shares of common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB). The tender offer expired at 12:00 midnight, New York City time, on Tuesday, January 6, 2009.

The depositary for the tender offer has advised GSK that shareholders of Genelabs have tendered and not withdrawn a total of approximately 39,250,243 shares of Genelabs common stock. These shares, together with the shares beneficially owned by GSK and its wholly-owned subsidiaries, represent approximately 88.55 percent of the outstanding shares of Genelabs on a fully diluted basis. Gemstone has accepted for payment all Genelabs shares tendered in the offer.

GSK also announced that Gemstone exercised its "top-up" option in accordance with the previously announced merger agreement with Genelabs. The exercise of the top-up option allowed Gemstone to increase its share ownership percentage of Genelabs through the purchase of newly-issued shares of Genelabs common stock at the tender offer price. As a result, Gemstone owns more than 90 percent of the outstanding shares of Genelabs common stock and intends to effect a short-form merger as promptly as practicable, without the need for a meeting of Genelabs shareholders. In the merger, Gemstone will acquire all other Genelabs shares (other than those as to which holders properly exercise dissenters' rights) at the same $1.30 per share price, without interest and less any required withholding taxes, that was paid in the tender offer. As a result of the merger, Genelabs will become a wholly-owned subsidiary of GSK and Genelabs shares will cease to be traded on The NASDAQ Capital Market.

About GlaxoSmithKline plc

GlaxoSmithKline plc -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For company information including a copy of this announcement and details of the company's updated product development pipeline, visit GSK at www.gsk.com.

    Enquiries:
    UK Media enquiries:                  Philip Thomson  (020) 8047 5502
                                         Alice Hunt      (020) 8047 5502
                                         Stephen Rea     (020) 8047 5502

    US Media enquiries:                  Nancy Pekarek    (919) 483 2839
                                         Mary Anne Rhyne  (919) 483 2839
                                         Sarah Alspach    (215) 751 7709
                                         Melinda Stubbee  (215) 751 7709

    European Analyst/Investor enquiries: David Mawdsley  (020) 8047 5564
                                         Sally Ferguson  (020) 8047 5543
                                         Gary Davies     (020) 8047 5503

    US Analyst/ Investor enquiries:      Tom Curry        (215) 751 5419
                                         Jen Hill         (215) 751 7002


'/>"/>
SOURCE GlaxoSmithKline plc
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. GlaxoSmithKline Recognizes University of Michigans Dr. Daniel F. Hayes as the First Recipient of the Gianni Bonadonna Breast Cancer Award
2. AUDIO from Medialink and GlaxoSmithKline: Fiber Key in Managing Irritable Bowel Syndrome (IBS) Symptoms
3. Exelixis Submits XL880 Diligence Report to GlaxoSmithKline
4. GlaxoSmithKline Awarded U.S. Department of Defense Contract to Pursue Novel Antibacterial Research Program
5. GlaxoSmithKline and Anacor Pharmaceuticals Form Alliance to Develop Systemic Antivirals and Antibiotics Based on Boron Chemistry
6. BioWa Announces Licensing of BioWas POTELLIGENT(R) Technology by GlaxoSmithkline for Use in Antibody Research and Development
7. GlaxoSmithKline Consumer Healthcare Recommends Maintaining FDAS Current Two-Class Drug System
8. GlaxoSmithKline Responds to JAMA Article on the ICES Thiazolidinediones and Cardiovascular Outcomes in Older Patients with Diabetes
9. GlaxoSmithKline Announces Data on TYKERB(R) (Lapatinib) Plus Capecitabine for the Treatment of HER2 Positive Breast Cancer Brain Metastases
10. Vaccinex Antibody Licensed to GlaxoSmithKline
11. Ingenuity Systems Extends Enterprise-Level Software Agreement With GlaxoSmithKline
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... 27, 2016 , ... Newly created 4Sight Medical Solutions ... the healthcare market. The company's primary focus is on new product introductions, to ... that are necessary to help companies efficiently bring their products to market. , ...
(Date:6/24/2016)... TOKYO , June 24, 2016  Regular discussions on ... to take place between the two entities said Poloz. ... in Ottawa , he pointed to the ... and the federal government. ... Poloz said, "Both institutions have common economic goals, why not ...
(Date:6/23/2016)... ... June 23, 2016 , ... Mosio, a ... eBook, “Clinical Trials Patient Recruitment and Retention Tips.” Partnering with experienced clinical research ... by providing practical tips, tools, and strategies for clinical researchers. , “The landscape ...
(Date:6/23/2016)... A person commits a crime, and the detective ... the criminal down. An outbreak of foodborne illness ... (FDA) uses DNA evidence to track down the bacteria that ... It,s not. The FDA has increasingly used a complex, cutting-edge ... illnesses. Put as simply as possible, whole genome sequencing is ...
Breaking Biology Technology:
(Date:5/3/2016)... , May 3, 2016  Neurotechnology, a ... the MegaMatcher Automated Biometric Identification System (ABIS) ... large-scale multi-biometric projects. MegaMatcher ABIS can process multiple ... using any combination of fingerprint, face or iris ... MegaMatcher SDK and MegaMatcher Accelerator , ...
(Date:4/19/2016)... DUBAI , UAE, April 20, 2016 ... can be implemented as a compact web-based "all-in-one" system ... in the biometric fingerprint reader or the door interface ... requirements of modern access control systems. The minimal dimensions ... the ID readers into the building installations offer considerable ...
(Date:3/31/2016)... , March 31, 2016 ... ) ("LegacyXChange" or the "Company") LegacyXChange is ... users of its soon to be launched online site ... https://www.youtube.com/channel/UCyTLBzmZogV1y2D6bDkBX5g ) will also provide potential shareholders ... of DNA technology to an industry that is notorious ...
Breaking Biology News(10 mins):