(BizJournals.com) Corixa Corp. said its shareholders have approved the proposed purchase by GlaxoSmithKline plc., and the deal is now expected to close later Tuesday.

Holders of the Seattle-based biotech company's common shares (NASDAQ: CRXA - News ) would receive $4.40 in cash per share. Corixa's shares had closed at $2.98 per share the day before the acquisition was announced, making the offer about 48 percent higher.

Holders of series A preferred shares will get $517.65 per share, while holders of series B preferred shares will get $172.01 per share, Corixa said in an announcement Tuesday.

The deal with London-based GlaxoSmithKline (NYSE: GSK) was originally valued at about $300 million when it was announced in April. Corixa said the shareholder approval is the final condition before closing the transaction later Tuesday.

Published July 12, 2005 by the Puget Sound Business Journal

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