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Hercules Technology expects gain from Sirtris acquisition

By Associated Press
April 24, 2008 | Comments (0)

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Investment firm Hercules Technology Growth Capital Inc. said Thursday that it expects to realize a gain as a result of GlaxoSmithKline PLC's acquisition of Sirtris Pharmaceuticals Inc.

Hercules said it plans to provide details when it releases its earnings on May 8.

U.K.-based GlaxoSmithKline said Tuesday it will pay about $720 million, or $22.50 per share through a cash tender offer, for Cambridge, Mass.-based Sirtris.

The deal has been approved by the boards of both companies and is subject to customary closing conditions. The companies expect the tender offer to begin in early May and close in the second quarter.

Hercules said it provided Sirtris with $15 million debt financing in April 2006. Sirtris later completed an initial public offering of 6.9 million shares of common stock in May 2007, raising $62.4 million, Hercules said.

Hercules shares rose 11 cents to close at $10.50.

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