Glaxo to buy heart drug firm Reliant for $1.65 bln

LONDON Wed Nov 21, 2007 9:31am EST

LONDON Nov 21 (Reuters) - GlaxoSmithKline Plc (GSK.L) has agreed to buy privately held heart drug specialist Reliant Pharmaceuticals for $1.65 billion in cash, Europe's biggest pharmaceuticals group said on Wednesday.

The sale marks a change of tack for Reliant, which had been considering an initial public offering.

Glaxo said the deal would be slightly accretive to earnings in 2008, excluding integration costs, and will create additional value in following years. It is expected to close by year-end. (Reporting by Ben Hirschler)