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 oncologist is a specialized doctor who provides cancer or tumor treatments. There are multiple kinds of cancers and tumors for which specialized in the field doctors are required to provide the adequate treatment.
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