GSK to Acquire Reliant Pharmaceuticals

    LONDON, PHILADELPHIA and LIBERTY CORNER, N.J., Nov. 21 /PRNewswire-
 FirstCall/ -- GlaxoSmithKline (LSE: GSK) (NYSE:   GSK) and Reliant
 Pharmaceuticals Inc. announced today that they had reached an agreement
 under which Reliant will be acquired by GSK for $1.65 billion (800 million
 pounds Sterling) in cash.
 
     Reliant, a privately held specialty pharmaceutical company focused on
 cardiovascular therapies, recorded net sales of $341 million in the nine
 months ending September 30, 2007, an increase of 62% over the comparable
 time period a year earlier.
 
     GSK expects the transaction will be slightly accretive to earnings in
 2008, excluding integration costs, and will create additional value in
 following years.
 
     Through its strategic in-licensing and development strategy, Reliant
 has developed a portfolio of specialty medicines combating heart disease,
 including US rights to Lovaza(TM) (omega-3-acid ethyl esters), a treatment
 for adult patients with very high levels of triglycerides. Triglycerides
 are fatty substances in the blood associated with increased risks of
 coronary artery disease. Lovaza is indicated as an adjunct to diet to
 reduce triglyceride levels in adults with very high (greater than or equal
 to 500 mg/dL) triglyceride levels.
 
     High lipid levels continue to be a growing health problem in the United
 States, with up to 5 million people having triglyceride levels classified
 as very high. Lovaza is the only prescription omega-3 medicine approved by
 the US Food and Drug Administration for the treatment of very high
 triglycerides, and remains the only omega-3 medicine that, along with diet
 and exercise, has been clinically proven to provide a 45% reduction in
 triglycerides in adult patients with very high triglyceride levels.
 
     Launched in late 2005, Lovaza (formerly known as Omacor(R)) achieved
 rapid uptake among patients and health care professionals. In the nine
 months ending September 30, 2007, net sales were $206 million, an increase
 of 115% over the first nine months of 2006.
 
     Lovaza competes in the non-statin dyslipidemia segment of the US
 cardiovascular market, where it had achieved a 10% market share of total
 prescriptions as of September 30, 2007. Sales in the non-statin
 dyslipidemia market totaled approximately $2.2 billion in 2006 and are
 expected to grow in excess of 20% a year. GSK believes there is significant
 opportunity for future growth of Lovaza in this market segment.
 
     Reliant licensed the rights to Lovaza in the US and Puerto Rico from
 Pronova BioPharma ASA (Oslo: PRON), a publicly traded Norwegian company
 that will continue to supply the product's primary material. Rights to
 Lovaza in other markets have been licensed by Pronova to several other
 companies.
 
     Commenting on the acquisition agreement, Chris Viehbacher, President,
 US Pharmaceuticals, GSK, said, "The addition of Lovaza to the GSK portfolio
 adds a new driver of sales growth in the US business. It represents a
 strong strategic fit, complementing Coreg CR(R), a leading treatment for
 heart failure and hypertension, and adds to our growing profile in the
 cardiovascular disease area."
 
     "Today is a momentous date for Reliant," said Bradley T. Sheares, CEO
 of Reliant. "We are very proud of the work that our employees have done to
 build this company, particularly the energy and perseverance of our sales
 teams, who have demonstrated their worth in building a formidable Lovaza
 franchise in less than 24 months. We see great additional potential through
 this acquisition for Lovaza and the patients who could benefit from it."
 
     The acquisition is subject to approval by the US Federal Trade
 Commission and is expected to conclude before year-end.
 
     In addition to Lovaza, Reliant Pharmaceuticals, based in Liberty
 Corner, NJ, currently markets three other in-licensed cardiovascular
 products - high blood pressure treatments DynaCirc CR(R) (isradipine) and
 InnoPran XL(R) (propanolol HCl), as well as Rythmol SR(R) (propafenone),
 which treats abnormal heart rhythms, or arrhythmia.
 
     About GSK
 
     GlaxoSmithKline - 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, visit www.gsk.com.
 
     GlaxoSmithKline forward-looking statements
 
     Under the safe harbor provisions of the U.S. Private Securities
 Litigation Reform Act of 1995, GSK cautions investors that any
 forward-looking statements or projections made by GSK, including those made
 in this announcement, are subject to risks and uncertainties that may cause
 actual results to differ materially from those projected. Factors that may
 affect GSK's operations are described under 'Risk Factors' in the Operating
 and Financial Review and Prospects in the company's Annual Report on Form
 20-F for 2006.
 
     About Reliant Pharmaceuticals
 
     Reliant Pharmaceuticals, Inc. is a pharmaceutical company that
 specializes in the development, commercialization and marketing of
 prescription therapeutic products. Reliant currently markets four
 cardiovascular products in the United States and focuses on promoting its
 products to targeted primary care and specialty physicians, as well as
 selected hospitals and academic centers in the United States. Reliant's
 sales force infrastructure is comprised of approximately 880 sales and
 marketing professionals nationwide.
 
     Reliant Pharmaceuticals forward-looking statements
 
     To the extent any statements made in this release contain information
 that is not historical, these statements are essentially forward looking
 and are subject to risks and uncertainties, and other factors that may
 cause Reliant's actual results, levels of activity, performance or
 achievements to be materially different from any future results, levels of
 activity, performance or achievements expressed or implied by these
 forward-looking statements. You should not place undue reliance on
 forward-looking statements since they involve known and unknown risks,
 uncertainties and other factors which are, in some cases, beyond Reliant's
 control and which could materially affect actual results, levels of
 activity, performance or achievements.
 
 
 

SOURCE GlaxoSmithKline