BOSTON (AP) -- GlaxoSmithKline has agreed to buy Sirtris Pharmaceuticals of Cambridge, Mass., for $720 million.
The British pharmaceutical maker -- with U.S. headquarters in Philadelphia and North Carolina -- says the purchase will help them expand their pipeline with experimental biotech treatments targeting aging.
Glaxo says it has a definitive agreement to pay cash to acquire all the shares of Sirtris. Both companies' boards have approved a deal expected to close in the current quarter.
The $720 million price represents an 84 percent premium over Tuesday's $12.23 closing price for Sirtris' stock. Sirtris went public a year ago, when its shares began trading at $10 apiece.
Sirtris is in the early stages of developing treatments for Type 2 diabetes and other conditions associated with aging.