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2014

GlaxoSmithKline Successfully Completes Tender Offer for Shares of Genelabs Technologies, Inc.

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LONDON, Jan. 7 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (LSE/NYSE: GSK) announced today the successful completion of the tender offer by its wholly-owned subsidiary Gemstone Acquisition Corporation for shares of common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB). The tender offer expired at 12:00 midnight, New York City time, on Tuesday, January 6, 2009.

The depositary for the tender offer has advised GSK that shareholders of Genelabs have tendered and not withdrawn a total of approximately 39,250,243 shares of Genelabs common stock. These shares, together with the shares beneficially owned by GSK and its wholly-owned subsidiaries, represent approximately 88.55 percent of the outstanding shares of Genelabs on a fully diluted basis. Gemstone has accepted for payment all Genelabs shares tendered in the offer.

GSK also announced that Gemstone exercised its "top-up" option in accordance with the previously announced merger agreement with Genelabs. The exercise of the top-up option allowed Gemstone to increase its share ownership percentage of Genelabs through the purchase of newly-issued shares of Genelabs common stock at the tender offer price. As a result, Gemstone owns more than 90 percent of the outstanding shares of Genelabs common stock and intends to effect a short-form merger as promptly as practicable, without the need for a meeting of Genelabs shareholders. In the merger, Gemstone will acquire all other Genelabs shares (other than those as to which holders properly exercise dissenters' rights) at the same $1.30 per share price, without interest and less any required withholding taxes, that was paid in the tender offer. As a result of the merger, Genelabs will become a wholly-owned subsidiary of GSK and Genelabs shares will cease to be traded on The NASDAQ Capital Market.

About GlaxoSmithKline plc

GlaxoSmithKline plc -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For company information including a copy of this announcement and details of the company's updated product development pipeline, visit GSK at www.gsk.com.

    Enquiries:
    UK Media enquiries:                  Philip Thomson  (020) 8047 5502
                                         Alice Hunt      (020) 8047 5502
                                         Stephen Rea     (020) 8047 5502

    US Media enquiries:                  Nancy Pekarek    (919) 483 2839
                                         Mary Anne Rhyne  (919) 483 2839
                                         Sarah Alspach    (215) 751 7709
                                         Melinda Stubbee  (215) 751 7709

    European Analyst/Investor enquiries: David Mawdsley  (020) 8047 5564
                                         Sally Ferguson  (020) 8047 5543
                                         Gary Davies     (020) 8047 5503

    US Analyst/ Investor enquiries:      Tom Curry        (215) 751 5419
                                         Jen Hill         (215) 751 7002

SOURCE GlaxoSmithKline plc



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