GlaxoSmithKline extends offer for Genelabs to Jan. 6

By Lisa Kerner

Charlotte, N.C., Dec. 30 - GlaxoSmithKline plc announced that it has extended its $1.30-per-share cash tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. to midnight ET on Jan 6. from Dec. 29.

In addition, GlaxoSmithKline reduced the minimum tender condition to the number of Genelabs shares that, when added to the maximum number of Genelabs shares issuable in the "top-up" option, equals one share more than 90% of Genelabs' outstanding shares, a GlaxoSmithKline news release said.

According to GlaxoSmithKline, the minimum tender condition is estimated to be 74.8% of Genelabs' outstanding shares on a fully diluted basis.

About 36,425,725 shares of Genelabs common stock had been validly tendered and not withdrawn as of 5 p.m. ET on Dec. 29. GlaxoSmithKline said these shares, when added to the shares it beneficially owns, represents 82.2% of the outstanding Genelabs shares.

On Oct. 29, GlaxoSmithKline agreed to acquire Genelabs for $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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