GlaxoSmithKline's offer for Genelabs extended to Friday

By Lisa Kerner

Charlotte, N.C., Dec. 8 - GlaxoSmithKline plc extended its tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. to midnight ET on Dec. 12 from Dec. 10, it was announced on Monday.

The $1.30-per-share cash offer was extended after GlaxoSmithKline added its subsidiary, SmithKline Beecham Corp., as a bidder.

GlaxoSmithKline said approximately 3,466,063 shares of Genelabs common stock were tendered as of 5 p.m. ET on Dec. 5.

On Oct. 29, GlaxoSmithKline agreed to acquire Genelabs for approximately $57 million in a move designed to strengthen GlaxoSmithKline's effort to develop and deliver novel therapies against the hepatitis C virus.

Information agent for the offer, which began Nov. 12, is MacKenzie Partners, Inc. (800 322- 2885).

Redwood City, Calif.-based Genelabs is a biopharmaceutical and diagnostics company specializing in gene-regulating drug discovery, immunological disorders and infectious diseases including hepatitis.

GlaxoSmithKline is a pharmaceutical and consumer health-related products company based in Brentford, England.

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