The Tesaro takeout rumors turned out to be true.
The cancer-focused biotech is being acquired by pharma giant GlaxoSmithKline for $5.1 billion, the companies announced Monday. The deal values Tesaro at $75 per share, or a 63 percent premium to Friday’s closing price.
Tesaro’s drug Zejula belongs to a class of cancer drugs called PARP inhibitors that work by blocking an enzyme that cancer cells use to repair damage in their DNA. PARP inhibitors are also believed to be active in ovarian and prostate cancers, and are being studied in combination with immunotherapy drugs.
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