Tesaro surges 60% after GlaxoSmithKline agrees to buy it for $5.1 billion

By | December 3, 2018

Tesaro shares surged 58 percent Monday after GlaxoSmithKline agreed to buy the cancer treatment company for $ 75 per share, or about $ 5.1 billion.

reported last month that Tesaro was exploring the opportunity of a sale. Tesaro’s shares have suffered losses after it shared disappointing results on Nov. 9 for treatment of small-cell lung cancer.

The deal announced Monday was unanimously approved by Tesaro’s board. GlaxoSmithKline expects the deal to close in the first quarter of 2019.

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