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UPDATE 1- GlaxoSmithKline buys Genelabs for $57 mln

Wed Oct 29, 2008 9:09pm EDT

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NEW YORK, Oct 29 (Reuters) - GlaxoSmithKline (GSK.N) (GSK.L) said on Wednesday it has reached a definitive agreement to buy Genelabs Technologies GNLB.O, a California-based drug discovery company developing therapies against the hepatitis C virus, for $57 million.

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Glaxo will purchase all of Genelabs outstanding common stock for $1.30 per share, more than five times the closing price of 23 cents of Genelabs shares on the Nasdaq Wednesday.

Genelabs' board of directors unanimously recommended that shareholders accept the deal, which is expected to close in December.

Genelabs will become part of GlaxoSmithKline's drug discovery organization, if the deal is accepted by shareholders.

(Reporting by Phil Wahba)

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