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GlaxoSmithKline on Wednesday (April 13) said it had agreed to buy US group Sierra Oncology, a specialist in medicines for rare forms of cancer, for $1.9 billion. The purchase, worth the equivalent of £1.6 billion, aims to support the development of new medicines alongside Sierra's bone marrow cancer treatment Momelotinib. The deal, set to be completed this year, represents a near 40-percent premium to Sierra's closing share price on Tuesday, GSK said in a statement. Momelotinib could help address the "significant unmet medical needs" of patients with the blood cancer myelofibrosis and anaemia, said GSK chief commercial officer Luke Miels. "With this proposed acquisition, we have the opportunity to potentially bring meaningful new benefits to patients and further strengthen our portfolio of specialty medicines," he added.

The blood-forming stem cells used for cancer therapy are called hematopoietic stem cells. They constitute less than one in 1,00,000 bone marrow cells. They look like small lymphocytes (a type of white blood cell in the vertebrate immune system) and cannot be easily distinguished. These cells are capable of self-renewal as well as production of progenitor cells, which differentiate into mature blood cells. Bone marrow, peripheral blood (the blood returning to the heart) and cord blood (obtained from the umbilical cord at birth) are three good sources of hematopoietic stem cells.