GlaxoSmithKline to acquire Sirtris Pharmaceuticals

GlaxoSmithKline has entered into a definitive agreement to purchase US biopharmaceutical company Sirtris Pharmaceuticals for approximately US$720m (£362m; Euro 451m).

The acquisition will significantly enhance GSK's metabolic, neurology, immunology and inflammation research efforts by establishing a presence in the field of sirtuins, a recently discovered class of enzymes that are believed to be involved in the ageing process.

Sirtris Pharmaceuticals has established a drug discovery capability to exploit sirtuin modulation for the treatment of human disease, focusing to date on the development of SIRT1 activators for the treatment of Type 2 Diabetes Mellitus.

"Modulation of this family of enzymes is a potentially transformative science that could address diseases associated with metabolism and ageing such as diabetes, muscle wasting, and neurodegeneration," said Moncef Slaoui, chairman GSK r&d. "This acquisition continues GSK's strategy of pursuing the best new science, externally or internally, to bring new medicines to patients and value to the GSK pipeline."

Sirtris will become part of GSK's Drug Discovery organisation, while continuing to operate from laboratories in Cambridge, Massachusetts, as an autonomous drug discovery unit. Christoph Westphal, ceo and vice chair of Sirtris and the management team will continue to lead this autonomous unit.

The acquisition has been approved by the board of directors of each company and is subject to customary closing conditions. The parties anticipate that the tender offer will commence in early May and close in the second quarter of 2008.