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news.GlaxoSmithKline has reached an agreement with Reliant Pharmaceuticals to acquire the company for $1.65 billion in cash.
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Through its strategic in-licensing and development strategy, Reliant has developed a portfolio of specialty medicines combating heart disease, including US rights to Lovaza (omega-3-acid ethyl esters), a treatment for adult patients with very high levels of triglycerides.
The acquisition is subject to approval by the US Federal Trade Commission and is expected to conclude before the end of 2007.
Chris Viehbacher, president, US pharmaceuticals, GlaxoSmithKline (GSK), said: “The addition of Lovaza to the GSK portfolio adds a new driver of sales growth in the US business. It represents a strong strategic fit, complementing Coreg CR, a leading treatment for heart failure and hypertension, and adds to our growing profile in the cardiovascular disease area.”
Bradley Sheares, CEO of Reliant, said: “We are very proud of the work that our employees have done to build this company, particularly the energy and perseverance of our sales teams, who have demonstrated their worth in building a formidable Lovaza franchise in less than 24 months. We see great additional potential through this acquisition for Lovaza and the patients who could benefit from it.”