GlaxoSmithKline buys full control of Cellzome

UK pharma giant GlaxoSmithKline (LSE: GSK) has signed an agreement to fully acquire privately held Cambridge based Cellzome for £61 million ($99 million) in cash. GSK already owns a 19.98% equity interest in Cellzome, and the agreement is for the remaining stake.

Cellzome is a leader in the development and advancement of proteomics technologies, with laboratories in Cambridge, UK, and Heidelberg, Germany, and will become part of GSK’s R&D organization.

Following the acquisition, GSK intends to create a spin-off company that would hold certain assets of Cellzome and activities that GSK does not wish to progress. The transaction is not subject to third party approvals and is expected to be completed by May 21, 2012.