GlaxoSmithKline PLC extended its tender offer to buy all issued and outstanding shares of Waltham, Mass.-based biotechnology company Tesaro Inc. for $75 each.
U.K.'s largest drugmaker is acquiring Tesaro, maker of ovarian cancer drug Zejula, for $5.1 billion. GSK's tender offer for all of the biotech's shares — which was started Dec. 14, 2018 — will now close Jan. 18, instead of Jan. 14.
A total of 46,743,017 Tesaro shares, or about 77.2% of all issued and outstanding shares of the company, have been tendered under the offer as of Jan. 14, GlaxoSmithKline said in a news release.
Completion of the tender offer is subject to the tender of over 50% of Tesaro's shares, as well as other conditions.
GSK's acquisition of Tesaro marked a shift for the company toward the highly competitive field of oncology.