Pharmaceuticals giant GlaxoSmithKline (GSK) has acquired five million newly-issued shares in Response Genetics, taking its stake in the company to around 15.2 per cent.
GSK purchased the shares at 110 cents each in cash.
"This transaction builds on the relationship GSK and Response Genetics have been building over the years in the diagnostics field of oncology and vaccines," the firm said in a statement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Response Genetics performs companion diagnostic tests and other related activities for GSK's immunotherapies and oncology pipeline candidates.
GSK's share price rose 0.91% to 1,434.50p by 14:52.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
