NEW YORK (GenomeWeb News) – GlaxoSmithKline today said that it has reached an agreement to acquire the remaining 80 percent of proteomics firm Cellzome that it didn't already own for £61 million ($99 million).
The deal will provide GSK with state-of-the-art proteomic mass spectrometry and screening capabilities, the UK drug firm said. It will use Cellzome's technologies to assess drug interactions with target proteins and to help identify potential safety issues earlier in the drug discovery process.
"The acquisition of Cellzome adds significantly to our scientific capabilities and capacity to characterize drug targets and provides the opportunity to further enhance GSK's ability to bring medicines to patients in a more effective manner," John Baldoni, SVP of platform and technology science at GSK, said in a statement.
GSK already held a 19.98 percent stake in Cellzome, will become part of GSK's R&D organization. The deal is expected to close next week.
GSK also said that it will 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.