By By Ian Walker
Pharmaceutical giant GlaxoSmithKline PLC said Wednesday that it is buying biopharmaceutical company Sierra Oncology Inc. for $1.9 billion, and backed its guidance.
GlaxoSmithKline will pay $55 per share in cash, a 39% premium to its closing price of $39.52 on Tuesday. The deal has the support of Sierra’s board as well as shareholders owning 28% of its stock.
Glaxo reaffirmed its guidance. It expects 2021-2026 sales growth of more than 5% and for 10% adjusted operating profit.
The deal is expected to close in the third quarter of this year.
Write to Ian Walker at ian.walker@wsj.com
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