FTC waives waiting period for $1.65 billion GSK acquisition of Reliant

LONDON and PHILADELPHIA GlaxoSmithKline has completed its acquisition of Reliant Pharmaceuticals in a deal worth $1.65 billion. This acquisition follows the Federal Trade Commission’s early termination of the waiting period required by antitrust law.

GSK now will add Reliant’s cardiovascular medicines to its portfolio. The drugs are: Lovaza, a drug used to treat very high levels of triglycerides; DynaCirc CR and InnoPran XL, which treat high blood pressure; and Rythmol SR, which treats abnormal heart rhythms. GSK will have marketing rights for Lovaza in the U.S. and Puerto Rico, with the drug’s originator, Pronova BioPharma, licensing the rights in other markets to other companies. As a result of the acquisition, biotechnology company Alkermes is to receive $174 million for its stake in Reliant, which it will use to repurchase shares of common stock.

“We’re eager to begin building on Reliant’s success with Lovaza,” said Chris Viehbacher, president of U.S. Pharmaceuticals at GSK. “We think this medicine has significant potential to help larger numbers of patients, and we expect it to become an important driver of sales growth in the U.S.”