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GSK slides after buying cancer firm Tesaro for hefty $5.1 billion

Reuters  |  LONDON 

By Ben HirschlerLONDON (Reuters) - GlaxoSmithKline has agreed to buy U.S. cancer specialist Tesaro for $5.1 billion, a costly investment to rebuild the pharmaceuticals business by new Chief Executive Emma Walmsley that unnerved investors.GSK has lagged rivals in recent years in producing multibillion-dollar blockbusters and it largely sat out a spate of dealmaking by rival drugmakers under previous CEO Andrew Witty. That is a situation Walmsley wants to change.Britain's biggest drugmaker is paying $75 a share for Tesaro, an 110 percent premium to the 30-day average price. It is also taking on ...

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First Published: Mon, December 03 2018. 22:01 IST