GlaxoSmithKline has acquired Genelabs Technologies, a biopharmaceutical company focused on the discovery and development of compounds for infectious diseases, for some $57 million (£35 million) in a $1.30 per share cash offer.

GlaxoSmithKline has acquired Genelabs Technologies, a biopharmaceutical company focused on the discovery and development of compounds for infectious diseases, for some $57 million (£35 million) in a $1.30 per share cash offer.

The acquisition aims to strengthen GSK’s position in the research and delivery of therapies against the hepatitis C virus (HCV). On completion Genelabs will become part of GSK’s Drug Discovery organisation, and its HCV programmes will be combined with GSK’s current therapeutic approaches.

GSK’s Zhi Hong said: “Genelabs has demonstrated a strong track record in HCV drug discovery and identified numerous novel classes of inhibitors that target unprecedented mechanisms in the virus’s life cycle.”

“This arrangement, combined with our other collaborations, will give GSK a broad HCV drug discovery platform addressing novel targets and innovative therapeutic approaches.’“

Fred Driscoll, Genelabs president and CEO, added: “We have generated highly differentiated compounds with the potential to address unmet medical needs of people with the HCV infection. GSK’s world-class research and development organisation will allow us to accelerate our strategic vision of providing novel treatments that deliver tremendous value for patients.”