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• The company will pay $2.1 billion upfront to Affinivax and up to $1.2 billion in potential development milestones
British pharmaceutical giant GSK plc (NYSE: GSK) on Tuesday agreed to buy U.S. biotech Affinivax for up to $3.3 billion.
According to the deal, GSK will pay $2.1 billion upfront to Affinivax and up to $1.2 billion in potential development milestones.
“The proposed acquisition further strengthens our vaccines R&D pipeline, provides access to a new, potentially disruptive technology, and broadens GSK’s existing scientific footprint in the Boston area,” said Dr Hal Barron, Chief Scientific Officer and President R&D.
In an attempt to expand into vaccine business, GSK, which itself is one of the world's major vaccine makers, has invested in the US company.
This is GSK’s second major investment in two months, as the British company bought Sierra Oncology in April for $1.9 billion.
GSK has been under pressure to boost its pharmaceutical business ahead of its separation in July for its consumer business.
Picture Credits: Reuters
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