GlaxoSmithKline reported that it entered into an agreement to purchase Sirtris Pharmaceuticals for $22.50 per share in a transaction valued at about $720 million. GlaxoSmithKline said the deal is expected to boost its metabolic, neurology, immunology and inflammation research efforts.
Sirtris' lead drug candidate, SRT501, is currently in Phase II testing for diabetes, with results anticipated later this year.
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