LONDON (Reuters) - GlaxoSmithKline (GSK.L) is paying 61 million pounds to take full control of Cellzome, a Anglo-German biotech whose drug discovery platform it is already using to develop treatments for inflammatory diseases.
GSK took an initial stake in Cellzome in 2008 as part of its strategy to license more drugs from outside firms rather than develop them from in-house research.
GSK said on Tuesday that it hoped that Cellzome’s technology, which assesses drug interactions with target proteins in a setting that mimics the body’s biology, would reduce the number of medicines that fail during development.
Before the deal it had a 19.98 percent equity interest in privately owned Cellzome.
GSK said it would create a spin-off company, which would hold the rights to Cellzome’s assets and activities that it did not wish to progress.
Reporting by Paul Sandle; Editing by Hans-Juergen Peters