ARTICLE | Company News

GlaxoSmithKline, ID Biomedical deal

September 12, 2005 7:00 AM UTC

GSK will acquire IDB for about C$1.7 billion (US$1.4 billion) in cash, or C$35 per share. The price is a 13% premium to IDB's close of C$30.98 on Sept. 6, the day before the deal was announced. GSK will assume IDB's net debt, which was US$77 million at June 30, and will loan IDB US$120 million to repay term debt and to fund operations until the deal closes, which is expected around year end or in early 2006. Rothschild advised GSK, and UBS advised IDB. ...