GlaxoSmithKline to Acquire Corixa Corporation - Developer of Novel Vaccine Adjuvants and Antigens

GlaxoSmithKline to Acquire Corixa Corporation - Developer of
Novel Vaccine Adjuvants and Antigens 


LONDON and PHILADELPHIA, April 29  /PRNewswire-FirstCall/ -- GlaxoSmithKline
Plc (NYSE:GSK) today announced the execution of a definitive agreement pursuant
to which GSK will acquire Corixa Corporation (NASDAQ:CRXA), a developer of
innovative products that regulate immunity, based in Seattle, WA (USA).  The
acquisition is structured as a cash for stock transaction, with the
shareholders of Corixa entitled to receive $4.40 per common share, representing
a total value of approximately $300 million.  The transaction, which has been
unanimously approved by Corixa's Board of Directors, is subject to approval of
its shareholders, regulatory clearance and certain other conditions.  GSK owns
approximately 8% of the outstanding Corixa shares and additional holders of
approximately 11% of the shares have agreed to vote their shares in favor of
the transaction.  The transaction is expected to close in the third quarter of
this year.

As a result of the acquisition, GSK will acquire all scientific and business
programs, activities, assets and all related rights of Corixa. Importantly, GSK
will acquire Corixa's manufacturing facility in Hamilton, MT (USA) which
produces Monophosphoryl Lipid A(R) (MPL(R)), a novel adjuvant contained in many
of the vaccines in GSK's pipeline.  Furthermore GSK will no longer incur
royalties and other costs under the existing agreements in place between GSK
and Corixa nor will GSK incur royalties on future sales of their vaccines
containing MPL(R).

GSK will also acquire all assets related to a candidate prophylactic
tuberculosis vaccine and to a portfolio of candidate immunotherapeutic cancer
vaccines, being developed by GSK Biologicals and which contain antigens
discovered by Corixa pursuant to a 1998 multi-field vaccine discovery
collaboration between the parties.  As a result of the acquisition, GSK will no
longer be required to pay royalties related to these antigens.  Corixa's
portfolio also includes other compounds such as TLR4 agonists and antagonists.

Jean Stephenne, President of GSK Biologicals, said: "This is an important
strategic deal for GSK's vaccines division.  MPL(R), in particular, is an
important component in many of our most promising vaccines under development,
including Cervarix(R), our candidate vaccine targeting infection with the Human
Papilloma Virus (HPV), a leading cause of cervical cancer.

"In addition, this also represents the next step in progressing GSK's promising
tuberculosis vaccine approach and its cancer immunotherapeutics, as Corixa and
GSK have together developed considerable expertise in these areas over the
years."

GlaxoSmithKline - one of the world's leading research-based pharmaceutical and
healthcare companies - is committed to improving the quality of human life by
enabling people to do more, feel better and live longer.  For company
information, visit GlaxoSmithKline on the World Wide Web at
http://www.gsk.com/.

  EDITORS NOTES:
  ABOUT MPL(R)


MPL(R), a vaccine adjuvant from Corixa, is a key component in many of the novel
and GSK Bio proprietary adjuvant systems used in the future vaccine pipeline of
GSK Biologicals.  MPL(R) is a component in GSK Bio's new hepatitis B vaccine,
Fendrix(R), which in February this year received regulatory approval from
Europe's CHMP.  MPL(R) is also included in the adjuvant system used in GSK
Bio's candidate malaria vaccine.  Other GSK Bio vaccines under development with
MPL(R) include a candidate prophylactic vaccine against cervical cancer caused
by HPV, a candidate prophylactic vaccine against herpes simplex and a number of
prophylactic vaccines specifically designed for infections in seniors such as
varicella zoster and the flu virus.  In addition MPL(R) is a key component in
the adjuvant system GSK Bio is testing in a number of its investigational
cancer immunotherapeutic vaccine approaches for the treatment of breast, lung,
melanoma or prostate cancers.

GSK now has clinical experience with MPL(R)-containing vaccines in over 80,000
doses and 30,000 subjects.  In various clinical studies, GSK vaccines
containing adjuvant formulations which include MPL(R) as a component were shown
to improve antibody responses (kinetics and titers) and, importantly, to
improve cell-mediated immune responses important for persistence of an
effective immune response.

GSK BIOLOGICALS

GSK Biologicals, one of the world's leading vaccine manufacturers, is located
in Rixensart, Belgium.  Belgium is the center of all GSK's activities in the
field of vaccine research, development and production.  GSK Biologicals employs
more than 1000 research scientists who are devoted to discovering new vaccines
and developing more cost-effective and convenient combination products to
prevent infections that cause serious medical problems worldwide. GSK
Biologicals employs 3600 employees in Belgium (more than 4450 worldwide).

GSK/CORIXA PREVIOUS RELATIONSHIP

GSK's relationship with Corixa Corporation also included a collaboration with
GSK's pharmaceuticals division on Bexxar, a therapeutic regimen for cancer
indications.  In December 2004 GSK acquired full marketing and development
rights for Bexxar worldwide from Corixa. 

DATASOURCE: GlaxoSmithKline



CONTACT:  Vaccine: Anne Walsh, [phone], Mobile: [phone];

or UK Media: Philip Thomson, [phone], or David Mawdsley,

[phone], or Chris Hunter-Ward, [phone]; or US Media: Nancy

Pekarek, [phone], or Mary Anne Rhyne: [phone], or Patricia

Seif, [phone]; or European Analyst/Investor: Duncan Learmouth,

[phone], or Anita Kidgell, [phone], or Jen Hill,

[phone]; or US Analyst/Investor: Frank Murdolo, [phone], or

Tom Curry, [phone], all of GlaxoSmithKline



Web site:  http://www.gsk.com/ 



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