M&A briefs: GlaxoSmithKline/Response Genetics; Bayer/Teva unit

USA-based Response Genetics (Nasdaq: RGDX) last week entered into a purchase agreement with UK pharma giant GlaxoSmithKline (LSE: GSK) and one of its existing significant stockholders to raise $8.8 million from the private placement of eight million newly-issued shares of its common stock at a purchase price of $1.10 per share.

As part of the transaction, GSK has acquired five million of the newly issued shares, as a result of which GSK now owns around 15.2% of the expanded share capital of Response Genetics. This transaction builds on the relationship the two companies have been building over the years in the diagnostics field of oncology and vaccines, said GSK, noting that the US firm performs companion diagnostic tests and other related activities for GSK's immunotherapies and oncology pipeline candidates.

Bayer buys Teva animal health business