(Affinivax) GlaxoSmithKline has agreed to acquire clinical-stage biopharmaceutical company Affinivax for $3 billion.
GSK is expected to pay $2.1 billion upfront and up to $1.2 billion after reaching certain pediatric clinical development milestones.
Dr. Hal Barron, GSK’s Chief Scientific Officer, and President of R&D, said the proposed transaction strengthens the company’s vaccine R&D pipeline.
Barron further points out that Affinivax provides a new and potentially disruptive technology while broadening the company’s existing scientific footprint in the Boston area.
The transaction is expected to close in the third quarter of the year.
The deal comes at a time GSK also seeks to acquire blood cancer maker Sierra Oncology for 1.5 billion pounds. The company is also seeking to spin off its consumer health division, which will be housed in a new company named Haleon in July.
GSK: NYSE is down -0.45%.
