Drug giant GlaxoSmithKline plc will buy clinical-stage biotech Sirtris Pharmaceuticals Inc. for $720 million. GlaxoSmithKline plc's legal counsel include Victor Lewkow, Arthur Kohn and Lillian Raben of Cleary Gottlieb Steen & Hamilton LLP. Sirtris turned to investment bankers Douglas Braunstein and Robbie Huffines of J.P. Morgan & Chase Co. For legal advice Sitris used Marc Rubenstein and Jonathan Grandon of Ropes & Gray LLP.
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Sirtris' lead drug, a new spin on a compound found in red grapes and other natural sources, has promise in the treatment of type 2 diabetes but is years away from reaching the market. The head of Glaxo research and development said that the international giant intends to keeps Sirtris intact in Cambridge, Mass., as an autonomous drug discovery unit.
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