GlaxoSmithKline to purchase ID Biomedical and CytRx says preliminary data show encouraging potential for HIV vaccine.

0 Comments | M2 Presswire, September, 2005

M2 PRESSWIRE-8 September 2005-US Financial Network: GlaxoSmithKline to purchase ID Biomedical and CytRx says preliminary data show encouraging potential for HIV vaccine(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:08092005 City of Industry, CA - Biotechnology industry news provided by Financial News USA (OTC: FNWU) GlaxoSmithKline PLC (NYSE: GSK) said Wednesday it has agreed to buy ID Biomedical Corp.

(Nasdaq: IDBE), maker of the Fluviral flu shot, for about $1.4 billion as it moves to position itself as a leading influenza-vaccine manufacturer. ID Biomedical shares soared on the news. London-based GlaxoSmithKline said it will pay $35 Canadian dollars ($29.50) per share for the Vancouver, British Columbia, company and loan ID Biomedical up to $120 million to repay...