EiRx THERAPEUTICS (ERX): CHART AND DISCUSSION THREAD (moderated)

The aquisitions continue.

GlaxoSmithKline to acquire Praecis


NEW YORK (AFX) - London-based pharmaceutical maker GlaxoSmithKline PLC on
Thursday said it has agreed to acquire Praecis Pharmaceuticals Inc. for $54.8
million in cash.
GlaxoSmithKline agreed to pay $5 per share in a tender offer for all
outstanding shares of Praecis. All shares left untendered would be acquired at
the same price.
The offer is more than double Praecis' closing price of $1.99 on the Nasdaq
Wednesday. The stock has traded between $1.84 and $6.44 over the past 52 weeks.
Waltham, Mass.-based Praecis is a biopharmaceutical company that is
developing cancer therapies.
The Praecis board approved the deal, but closing is still subject to the
tender of a majority of Praecis stock. The tender offer is expected to begin in
January and close during the first quarter.
Canaccord Adams Inc. served as financial adviser to Praecis in this
transaction.

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