StockMarketWire.com - Pharmaceutical giant GlaxoSmithKline said it had agreed to acquire US oncology-focused company Tesaro for around $5.1bn (£4.0bn).

GSK said the deal would significantly strengthen its pharmaceutical business, accelerate the build of its pipeline and enhance its commercial capability in oncology.

Tesaro has developed the product Zejula, which is used to treat ovarian cancer and has regulatory approval in the US and Europe.

'This combination will support our aim to deliver long-term sustainable growth and is consistent with our capital allocation priorities,' GSK chief executive Emma Walmsley said.

'We look forward to working with Tesaro's talented team to bring valuable new medicines to patients.'

At 1:17pm: [LON:GSK] GlaxoSmithKline PLC share price was -89.4p at 1532.2p

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