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Corixa bought by pharmaceutical giant GlaxoSmithKline – will likely mean expansion for the Seattle-based biotechnology firm’s 100-employee facility in Hamilton.

Officials at Corixa Corp. announced Friday that the company was sold to a large pharmaceutical company.

GlaxoSmithKline purchased Corixa, a biotech company with offices in South San Francisco, Seattle and Hamilton, for about $300 million.

No details were available over the weekend about potential restructuring, but Corixa Chief Executive Officer Steven Gillis indicated the company would expedite the expansion of its Hamilton plant.

The sale is expected to close in the third quarter this year.

by JENNY JOHNSON – Ravalli Republic

Full Story: http://www.ravallinews.com/articles/2005/05/02/news/news01.txt

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GlaxoSmithKline to buy Hamilton’s Corixa Corp.

By ROBERT STRUCKMAN of the Missoulian

The purchase of Corixa Corp. will likely mean expansion for the Seattle-based biotechnology firm’s 100-employee facility in Hamilton.

British drug giant GlaxoSmithKline PLC is buying the biotechnology firm for $4.40 per share – a total of about $300 million in cash, Glaxo spokeswoman Mary Anne Rhyne said Monday.

With more than $37 billion in sales in 2004, Glaxo has an estimated 7 percent of the world’s pharmaceutical market.
Announced Friday, the transaction, which is subject to regulatory and stockholder approval, will likely be concluded by September.

News of the purchase buoyed Corixa stock (Nasdaq: CRXA) from $2.98 per share on Thursday to $4.33 by midafternoon Monday.

"Essentially, what the market said was, ‘Gosh, guys, great idea,’ " said M.E. Rhoades, a health-care analyst for D.A. Davidson in Lake Oswego, Ore.

Full Story: http://missoulian.com/articles/2005/05/03/news/mtregional/news07.txt

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