Glaxo to buy heart drug firm Reliant

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GlaxoSmithKline Plc has agreed to buy privately held heart drug specialist Reliant Pharmaceuticals for $1.65 billion in cash, in a move to boost its flagging drug sales in the United States.

Reliant had been expected to have a post-IPO market capitalization of $1.34 billion, based on the midpoint of the indicated range for the offering.

The group recorded net sales of $341 million in the nine months ending September 30. It has a portfolio of specialty drugs for heart disease, including U.S. rights to Lovaza, an omega-3 treatment for patients with very high levels of triglycerides. [[http://www.reuters.com/article/marketsNews/idUKL2167941820071121?rpc=44 More]]

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