Skip to NavigationSkip to content

GSK buys Praecis Pharmaceuticals for $59 million

Published on 04/01/07 at 04:56pm

GlaxoSmithKline has bought US-based biotech company, Praecis, to further boost its novel cancer pipeline.

Its acquisition of Praecis Pharmaceuticals follows the news that it has pledged £235 million towards developing and selling a new cancer drug with Danish biotech firm, Genmab.

Praecis has been sold to GSK for nearly $59 million. The Massachusetts-based company has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin's lymphoma and solid tumours.

It also has an innovative drug discovery technology Direct Select, which enables the generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development.

Allen Oliff, senior vice president of GSK's molecular discovery research department, said: "Praecis has created novel therapeutic programmes and innovative chemical-synthesis and screening technology that will complement our own discovery capabilities."

GSK's investment with Genmab involves the development of HuMax-CD20, a fully monoclonal antibody in late-stage development for positive B-cell chronic lymphocytic leukaemia and follicular non-Hodgkin's lymphoma.

Mission Statement is a leading portal for the pharmaceutical industry, providing industry professionals with pharma news, pharma events, pharma service company listings and pharma jobs,
Site content is produced by our editorial team exclusively for and our industry newspaper Pharmafocus. Service company profiles and listings are taken from our pharmaceutical industry directory, Pharmafile, and presented in a unique Find and Compare format to ensure the most relevant matches