Glaxo Smith Kline to spend $5.1B on cancer drugmaker Tesaro

Glaxo Smith Kline to spend $5.1B on cancer drugmaker Tesaro

Shares of Tesaro soared early Monday after GlaxoSmithKline said it would pay about $5.1 billion in cash to buy the cancer drugmaker.

Glaxo plans to pay $75 per share for Tesaro, which makes the ovarian cancer treatment Zejula. That represents a premium of more than 60 percent to the stock’s $46.38 closing price Friday. The total deal price includes Tesaro’s net debt.

Glaxo CEO Emma Walmsley said in a statement that the deal will accelerate growth of the British drugmaker’s oncology business.

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