GlaxoSmithKline to fully acquire Cellzome for £61 million

On May 12, 2012 GlaxoSmithKline plc (GSK) reported that it has entered into an agreement to acquire those shares it does not currently own in Cellzome, a leader in the development and advancement of proteomics technologies, for £61 million (US $99 million) in cash (Press release, GlaxoSmithKline, MAY 12, 2012, View Source [SID1234538115]). Cellzome, a privately owned company with laboratories in Cambridge, UK, and Heidelberg, Germany, will become part of GSK’s R&D organisation.

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Cellzome’s proteomics technologies can be used throughout drug discovery from screening to selectivity profiling of compounds in different cells and also in patient samples. The technologies that Cellzome has developed differ from other traditional methods used in early drug discovery by assessing drug interactions with target proteins in a setting which more closely represents that found in a whole biological system. This allows scientists the opportunity to observe how candidate drugs affect both intended and non-desired targets in a close-to-physiological environment and may pinpoint potential safety issues earlier in the process.

"The acquisition of Cellzome adds significantly to our scientific capabilities and capacity to characterise drug targets and provides the opportunity to further enhance GSK’s ability to bring medicines to patients in a more effective manner," said John Baldoni, senior vice president, Platform & Technology Science, at GSK.

The acquisition of Cellzome by GSK supports the company’s R&D strategy of collaborating with external partners and seeking out the best science, wherever it may be. This is the third platform technology acquisition since 2007 and highlights the company’s growing expertise in the scientific platforms upon which new medicines are discovered, developed and readied for manufacture. In 2007, GSK acquired two platform technology companies — Domantis Ltd, a leader in developing the next generation of antibody therapies, and Praecis, a Massachusetts-based company that created novel therapeutic programs and an innovative chemical-synthesis and screening technology.

Acquisition of Cellzome will give GSK a state-of-the-art, proteomic mass spectrometry and screening capability, enabling greater knowledge of drug targets and their interactions with compounds in the early phases of drug discovery. Through the use of this technology, GSK believes it can reduce attrition of potential new medicines during the development phase.

GSK and Cellzome have two active early stage research collaborations using these discovery capabilities within the immune-inflammation therapy area. With the acquisition, the technologies could be leveraged across GSK’s whole portfolio.

"We are pleased to announce this transaction, which will enable GSK to progress the technologies that we have been developing for more than a decade," said Tim Edwards, chief executive officer of Cellzome. "This follows nearly four years of successful collaboration with GSK, during which time we demonstrated the value and breadth of the Cellzome platform for drug discovery."

GSK, which currently owns a 19.98 percent equity interest in Cellzome, will assume full control of the company. Simultaneous with the acquisition, Cellzome shareholders, including GSK, intend to create a spin-off company, which would hold the rights to certain of Cellzome’s assets and activities that GSK does not wish to progress. The acquisition is not subject to any third party approvals and is anticipated to complete on 21 May 2012.

Platform Technology & Science at GSK

Platform Technology & Science provides deep scientific expertise and core technologies and services, supporting the full range of GSK drug discovery and development, and spanning early phase scientific exploration through preclinical and late stage development.

GlaxoSmithKline – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com

(Press release Coherus Biosciences, MAY 7, 2012, http://www.coherus.com/press-releases/daiichi-sankyo-and-coherus-biosciences-establish-strategic-collaboration-to-develop-and-commercialize-biosimilar-candidates/ [SID:1234501799])

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Manhattan Pharmaceuticals, Inc. Announces Name Change to TG Therapeutics, Inc. and Reverse Stock Split

On April 27, 2012 Manhattan Pharmaceuticals, Inc. (OTCQB:TGTX) reported that is has filed a Certificate of Amendment to its Certificate of Incorporation to change its name from Manhattan Pharmaceuticals, Inc. to TG Therapeutics, Inc. and also to implement a 1 for 56.25 reverse stock split (Press release, TG Therapeutics, APR 27, 2012, View Source [SID:1234510711]). The Board of Directors along with a majority of the shareholders voted for these amendments at the Annual Meeting of Stockholders which took place on April 16, 2012.

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The name change from Manhattan Pharmaceuticals, Inc. to TG Therapeutics, Inc. and the reverse stock split will take effect at 12:01 am on April 30, 2012. As a result of the reverse stock split, every 56.25 shares of the Company’s pre split common stock will be converted into one share of post-split common stock. No fractional shares of common stock will be issued as a result of the split. Shareholders of pre-split common stock who would be entitled to receive a fractional share as a result of the reverse stock split will be entitled to round such fractional value up to the nearest whole number. The reverse split will affect all stockholders uniformly, with the exception of adjustments related to fractional shares, and will have no effect on the par value of the common stock.

The split adjusted shares of common stock will begin trading on April 30, 2012 under the symbol "TGTXD" with a "D" added for a period of 20 trading days to provide notice of the reverse stock split. After this period, the symbol will revert back to "TGTX." TG Therapeutics’ transfer agent, American Stock Transfer & Trust Company, will act as the exchange agent for the reverse split and will send instructions to stockholders of record regarding the exchange of outstanding stock certificates for new post-split stock certificates.

(Press release, X-Body, APR 27, 2012, View Source [SID:1234504037])

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(Press release, Complix, APR 26, 2012, View Source [SID:1234502789])

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