GSK acquires biotechnology company for billions
Av After experiencing a decline in its vaccine business in recent years, GSK has increasingly shifted its focus towards cancer treatment.
As part of this strategic move, the British pharmaceutical giant announced on Monday its plans to acquire the Boston-based biotechnology company Idrx. The deal includes an upfront payment of $1 billion and could reach a total value of up to $1.15 billion, approximately 13 billion SEK, according to Reuters.
Idrx is a privately held company specializing in the development of treatments for gastrointestinal stromal tumors. This acquisition will further expand GSK’s growing portfolio of gastrointestinal cancer therapies.
– This acquisition is consistent with our approach of acquiring assets that address validated targets and where there is clear unmet medical need, despite existing approved products, GSK's chief commercial officer, Luke Miels, said in a statement.
This is GSK
Glaxo Smith Kline PLC, or GSK, is one of the world's ten largest pharmaceutical companies.
The company is headquartered in London and was formed in 2000 when Smith Kline Beecham and Glaxo Wellcome merged.
The company is research-based and has developed several vaccines, but also produces medicines for infections, diseases of the central nervous system, respiratory diseases, and metabolism.
GSK is publicly traded and has a market value of $99.8 billion, which is equivalent to just over 1.1 trillion SEK. The company has 99,300 employees
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