Addition of Lovaza to expand GSK cardiovascular portfolio in US Acquisition
provides sales, synergy benefits
LONDON, PHILADELPHIA and LIBERTY CORNER, N.J., Nov. 21 /PRNewswire- FirstCall/ -- GlaxoSmithKline (LSE: GSK) (NYSE: GSK) and Reliant Pharmaceuticals Inc. announced today that they had reached an agreement under which Reliant will be acquired by GSK for $1.65 billion (800 million pounds Sterling) in cash.
Reliant, a privately held specialty pharmaceutical company focused on cardiovascular therapies, recorded net sales of $341 million in the nine months ending September 30, 2007, an increase of 62% over the comparable time period a year earlier.
GSK expects the transaction will be slightly accretive to earnings in 2008, excluding integration costs, and will create additional value in following years.
Through its strategic in-licensing and development strategy, Reliant has developed a portfolio of specialty medicines combating heart disease, including US rights to Lovaza(TM) (omega-3-acid ethyl esters), a treatment for adult patients with very high levels of triglycerides. Triglycerides are fatty substances in the blood associated with increased risks of coronary artery disease. Lovaza is indicated as an adjunct to diet to reduce triglyceride levels in adults with very high (greater than or equal to 500 mg/dL) triglyceride levels.
High lipid levels continue to be a growing health problem in the United
States, with up to 5 million people having triglyceride levels classified
as very high. Lovaza is the only prescription omega-3 medicine approved by
the US Food and Drug Administration for the treatment of very high
triglycerides, and remains the only omega-3 medi
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