Cleary Gottlieb is representing GlaxoSmithKline PLC in its proposed all cash acquisition of biopharmaceutical company Corixa Corporation, valued at approximately $300 million. Under the merger agreement, shareholders would receive $4.40 for each share of Corixa common stock. The proposed acquisition remains subject to Corixa shareholder approval and expiration of the Hart Scott Rodino antitrust waiting period and is expected to close in the third quarter of 2005.
GlaxoSmithKline is one of the world’s leading research-based pharmaceutical and healthcare companies. Corixa is a biophamaceutical company that develops immunotherapeutics. GlaxoSmithKline and Corixa have been long-term and steadfast partners.