FDAnews Drug Daily Bulletin

ID BIOMEDICAL SHAREHOLDERS APPROVE $1.7-BILLION TAKEOVER BY GLAXOSMITHKLINE

Nov. 21, 2005
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Shareholders of ID Biomedical on Wednesday approved a $1.7-billion takeover of the company by phramaceutical giant GlaxoSmithKline. Under the deal, Canada's main supplier of influenza vaccines will become a wholly owned subsidiary of London-based GlaxoSmithKline and ID Biomedical shareholders will receive $35 a share. GlaxoSmithKline will also assume $77 million US of ID Biomedical's debt and has agreed to lend Vancouver-based ID Biomedical up to $120 million US to repay term debt and finance cash requirements until the anticipated closing date.

Canada.com (http://www.canada.com/health/story.html?id=ad1d2529-75c1-4faf-a563-ed59a9a34e84)