Alkermes receives $166M in GSK purchase of Reliant

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Alkermes has received $166.3 million upon completion of the sale of its stake in Reliant Pharmaceuticals to GlaxoSmithKline (GSK). On December 14, 2007, the acquisition of Reliant by GSK received approval from the U.S. Federal Trade Commission.

The Cambridge, Mass.-based biotechnology company said it is due an additional $7.7 million subject to the terms and conditions of an escrow arrangement that will remain in effect for a 15-month period following the closing of the transaction.

Alkermes manufactures Risperdal Consta, marketed by Janssen-Cilag, a wholly owned division of Johnson & Johnson, and developed and manufactures Vivitrol, marketed in the United States primarily by Cephalon.