GlaxoSmithKline Plans to Buy ID Biomedical
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GlaxoSmithKline said it has agreed to buy ID Biomedical Corp., maker of the Fluviral flu shot, for about $1.4 billion as it moves to position itself as a leading influenza-vaccine manufacturer.
London-based GlaxoSmithKline said it would pay $35 Canadian dollars ($29.50) a share for the Vancouver-based company and loan ID Biomedical up to $120 million to repay debt and meet cash requirements until the deal closes.
The deal has been approved by both boards but still must be voted on by ID Biomedical shareholders and clear regulatory reviews.
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