GlaxoSmithKline acquires ID Biomedical 

Date Closed: 12/08/2005

Value: C$1.7 billion  

On December 8, 2005, GlaxoSmithKline Inc. and GlaxoSmithKline plc (GSK) completed the acquisition of the issued and outstanding securities of ID Biomedical Corp. (IDB) by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act. The total value of the transaction was approximately C$1.7 billion (US$1.4 billion). GSK also assumed responsibility for IDB’s net debt, which was US$77 million at June 30, 2005. In addition, GSK agreed to provide a credit facility to IDB of up to US$120 million to permit it to repay term debt and to finance its operations up to closing.

IDB was represented by Paul Pinsonnault, vice-president, legal affairs of IDB, with assistance in Canada by BLG with a team that included Ian Webb, Warren Learmonth and Eric Doherty (securities/corporate), Donald Bird (financial services) and Jeffrey Thomas (competition).