NEW YORK (AP) — British drug developer GlaxoSmithKline PLC completed its $1.65 billion buyout of heart drug specialist Reliant Pharmaceuticals Inc. on Wednesday, after the U.S. Federal Trade Commission ended its antitrust waiting period early.
Liberty, N.J.-based Reliant makes Lovaza, which reduces triglyceride levels in adults. Triglycerides are fatty substances in the blood associated with an increased risk of heart disease. The drug had sales of $206 million for the nine months ended Sept. 30.
Reliant also makes high blood pressure drugs DynaCirc CR and InnoPran XL, and the abnormal heart rhythm treatment Rythmol SR.
GlaxoSmithKline said it expects the buyout to add to its 2008 earnings, excluding integration costs.
Biotechnology company Alkermes Inc. said it received $166.3 million for selling its share of Reliant to GlaxoSmithKline. It expects an additional $7.7 million under an escrow arrangement that will remain in effect for 15 months.
Shares of GlaxoSmithKline rose 21 cents to $51.10 in premarket trading, having closed Tuesday at $50.89.
