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GSK to buy cancer drugmaker Tesaro for $5.1 billion

Reuters  |  LONDON 

By Ben HirschlerLONDON (Reuters) - GlaxoSmithKline has agreed to buy U.S. cancer drug specialist Tesaro for $5.1 billion, marking a major biotech investment by the drugmaker as its seeks to rebuild its pharmaceuticals portfolio.Britain's biggest drugmaker is paying $75 a share for the business, an 110 percent premium to the 30-day average price. News of the lofty valuation sent GSK shares down 4 percent on Monday.The deal gives GSK a marketed product for ovarian cancer, Zejula, which belongs to the promising new class of medicines called poly ADP ribose polymerase (PARP) inhibitors. GSK's UK ...

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First Published: Mon, December 03 2018. 18:31 IST
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