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Sirtris to become a subsidiary of GSK
Independent, The (London), Jun 3, 2008
Business News IN BRIEF
*Fountain Acquisition Corp-oration (FAC), a subsidiary of GlaxoSmithKline, has completed the tender offer for the US-based Sirtris Pharmaceuticals. The tender, worth about 362m, will see GSK take control of the Nasdaq-listed biotechnology group that specialises in developing drugs to fight age-related conditions such as Alzheimer's and type 2 diabetes. Sirtris will become a subsidiary of GSK after FAC agreed to pay $22.50 a share. Sirtris's treatments work by mimicking the health effects of calorie restriction by the activation of sirtuins, an enzyme that controls the ageing process.
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