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 NEW YORK (AP) - GlaxoSmithKline PLC said Wednesday it has agreed to buy ID Biomedical Corp., maker of the Fluviral flu shot, for about $1.4 billion as it moves to position itself as a leading influenza-vaccine manufacturer. ID Biomedical shares soared on the news.
London-based GlaxoSmithKline said it will pay $35 Canadian dollars ($29.50) per share for the Vancouver, British Columbia, company and loan ID Biomedical up to $120 million to repay debt and meet cash requirements until the deal closes.
ID Biomedical's shares jumped 19 percent to an all-time high of $31.05 on the Nasdaq Stock Market following the news, before settling at a closing price of $29.46. Glaxo's U.S. shares rose 29 cents to $50.49 on the New York Stock Exchange.
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