Friday, June 6, 2008

GlaxoSmithKline now the proud owner of Sirtris

By Mass High Tech Staff

British drug giant GlaxoSmithKline PLC has completed its acquisition of Sirtris Pharmaceuticals Inc. of Cambridge for $720 million in cash.

Glaxo said it would keep Sirtris (Nasdaq: SIRT) as an autonomous unit of its drug discovery business and plans to retain Sirtris CEO Christoph Westphal and the rest of the company’s employees. The British pharmaceutical firm (NYSE: GSK) paid $22.50 per share of Sirtris common stock through a tender offer that began in May.

Sirtris has gained wide recognition for its experimental, anti-aging treatments. The firm has a pipeline of small-molecule drugs that target genes linked to enzymes called sirtuins that are believe to have anti-aging effects and could be used to treat diabetes, cancer and other major diseases.

With 57 employees, the biotech firm reported a 2007 net loss of $31.1 million and no revenue. Glaxo said it would maintain Sirtris’ operations in Cambridge.