GlaxoSmithKline buys rival for $1.65 billion

GlaxoSmithKline PLC will buy heart drug specialist Reliant Pharmaceuticals Inc. for $1.65 billion in cash, the company said Wednesday.

GSK expects the transaction will add to earnings in 2008 and create additional value in following years.

Privately held Reliant develops specialty medicines combating heart disease and holds U.S. rights to Lovaza, a treatment for adult patients with very high levels of triglycerides.

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Triglycerides are fatty substances in the blood associated with increased risks of coronary artery disease.

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In the nine months ended Sept. 30 Reliant posted net sales of $206 million.

GlaxoSmithKline shares dipped 0.3 percent to 1,165 pence on the London Stock Exchange.