Singapore, Dec 31, 2008: British pharma giant GlaxoSmithKline has extended its tender offer to buy Genelabs Technologies to January 6.
A prepared company release said GSK has extended the tender offer in connection with the addition of SmithKline Beecham Corporation, a wholly owned subsidiary of GSK, as a bidder. Genelabs is based in Redwood City, California, US and is developing two hepatitis C drugs.
In November, the GSK said it would move ahead with a $1.30-per-share tender offer, worth about $57 million. The tender offer was originally scheduled to end on Dec. 29. if this deal materializes, GSK will have a stronger presence in the biotechnology segment where most other top pharma companies are moving to cash in on the strong revenue potential of the biotechnology sector.
| 
Comment on this article
