GlaxoSmithKline in $1.65 Billion Reliant Acquisition
November 26, 2007
Cleary Gottlieb is representing GlaxoSmithKline plc in its acquisition of Reliant Pharmaceuticals, Inc. for $1.65 billion. The all cash deal is expected to close before year-end.
Reliant is a privately held specialty pharmaceutical company that markets cardiovascular products in the United States. Reliant has developed a portfolio of specialty medicines combating heart disease, including U.S. rights to Lovaza, a treatment for adult patients with very high levels of triglycerides. Triglycerides are fatty substances in the blood associated with increased risks of coronary artery disease. The sale resulted from a dual-track process, in which Reliant pursued an initial public offering of its securities while concurrently soliciting interest from potential acquirers, including GSK.