GlaxoSmithKline to acquire Genelabs Technologies

GlaxoSmithKline will acquire Genelabs Technologies Inc. for $57 million. The company said the deal will strengthen Glaxo''s effort to develop treatments for the hepatitis C virus. Under the terms of the agreement, Glaxo will pay $1.30 per share of outstanding Genelabs common stock. The deal is expected to close in December. The board of directors of Redwood City, Calif.-based Genelabs has unanimously recommended that shareholders tender their shares in the offer.