GSK Agrees on $1.9bn Deal to Acquire Sierra Oncology
2022.04.13 18:06
By Sam Boughedda
Investing.com — GlaxoSmithKline PLC ADR (NYSE:GSK) announced Wednesday that it has entered into an agreement to acquire Sierra Oncology Inc (NASDAQ:SRRA), a California-based, late-stage biopharmaceutical company, for $1.9 billion.
GSK will pay $55 per share for the company, representing a premium of approximately 39% to Sierra’s closing stock price on April 12.
The deal is expected to close by the third quarter of 2022.
GSK reaffirmed its full-year 2022 guidance. The company expects 5% sales and 10% adjusted operating profit.
“With this proposed acquisition, we have the opportunity to potentially bring meaningful new benefits to patients and further strengthen our portfolio of specialty medicines,” stated Luke Miels, Chief Commercial Officer at GSK.
GSK’s New York-listed stock is down 0.44% Wednesday, while Sierra Oncology surged 38%.
