Alkermes (ALKS) Announces Proceeds of Up to $174 Million from Sale of Stake in Reliant Pharmaceuticals, Inc. and Plans to Repurchase Shares of Its Common Stock
11/21/2007 10:21:54 AM
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Alkermes, Inc. (NASDAQ: ALKS) today announced that it will receive up to $174 million in cash in connection with the acquisition of Reliant Pharmaceuticals, Inc. (Reliant) by GlaxoSmithKline (GSK), announced earlier today. Pursuant to the terms of the acquisition, Alkermes will receive $166.3 million upon closing of the transaction and up to an additional $7.7 million subject to the terms and conditions of an escrow arrangement that will remain in effect for a 15-month period following the closing of the transaction. The acquisition of Reliant by GSK is subject to approval by the U.S. Federal Trade Commission and is expected to conclude by the end of 2007.
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