GLAXOSMITHKLINE TO BUY CANADA'S ID BIOMEDICAL FOR 1.7 BLN CAD PLUS DEBT

GlaxoSmithKline PLC said it has agreed to buy Canadian vaccine company ID Biomedical for 35 cad per share, or 1.7 bln cad (1.4 bln usd) plus the assumption of 77 mln usd in debt. Glaxo will also loan ID Biomedical up to 120 mln usd to repay term debt and finance its cash requirements up to the expected closing date for the deal. Glaxo said the price represents a premium of 13 pct over the closing price of ID Biomedical shares yesterday, and a premium of 30 pct over the 20-day average.

Forbes (http://www.forbes.com/home/feeds/afx/2005/09/07/afx2210633.html)