GNLB Genelabs Technologies (MM)

LONDON, Jan. 7 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (LSE/NYSE: GSK) announced today the successful completion of the tender offer by its wholly-owned subsidiary Gemstone Acquisition Corporation for shares of common stock of Genelabs Technologies, Inc. (NASDAQ:GNLB). The tender offer expired at 12:00 midnight, New York City time, on Tuesday, January 6, 2009. The depositary for the tender offer has advised GSK that shareholders of Genelabs have tendered and not withdrawn a total of approximately 39,250,243 shares of Genelabs common stock. These shares, together with the shares beneficially owned by GSK and its wholly-owned subsidiaries, represent approximately 88.55 percent of the outstanding shares of Genelabs on a fully diluted basis. Gemstone has accepted for payment all Genelabs shares tendered in the offer. GSK also announced that Gemstone exercised its "top-up" option in accordance with the previously announced merger agreement with Genelabs. The exercise of the top-up option allowed Gemstone to increase its share ownership percentage of Genelabs through the purchase of newly-issued shares of Genelabs common stock at the tender offer price. As a result, Gemstone owns more than 90 percent of the outstanding shares of Genelabs common stock and intends to effect a short-form merger as promptly as practicable, without the need for a meeting of Genelabs shareholders. In the merger, Gemstone will acquire all other Genelabs shares (other than those as to which holders properly exercise dissenters' rights) at the same $1.30 per share price, without interest and less any required withholding taxes, that was paid in the tender offer. As a result of the merger, Genelabs will become a wholly-owned subsidiary of GSK and Genelabs shares will cease to be traded on The NASDAQ Capital Market. About GlaxoSmithKline plc GlaxoSmithKline plc -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For company information including a copy of this announcement and details of the company's updated product development pipeline, visit GSK at http://www.gsk.com/. Enquiries: UK Media enquiries: Philip Thomson (020) 8047 5502 Alice Hunt (020) 8047 5502 Stephen Rea (020) 8047 5502 US Media enquiries: Nancy Pekarek (919) 483 2839 Mary Anne Rhyne (919) 483 2839 Sarah Alspach (215) 751 7709 Melinda Stubbee (215) 751 7709 European Analyst/Investor enquiries: David Mawdsley (020) 8047 5564 Sally Ferguson (020) 8047 5543 Gary Davies (020) 8047 5503 US Analyst/ Investor enquiries: Tom Curry (215) 751 5419 Jen Hill (215) 751 7002 DATASOURCE: GlaxoSmithKline plc CONTACT: UK Media: Philip Thomson, Alice Hunt or Stephen Rea, all at (020) 8047 5502; or US Media: Nancy Pekarek or Mary Anne Rhyne, both at +1-919-483-2839, or Sarah Alspach or Melinda Stubbee, both at +1-215-751-7709; or for European Analyst and Investors: David Mawdsley, (020) 8047-5564, or Sally Ferguson, (020)-8047-5543, or Gary Davies, (020)-8047- 5503; or for US Analyst and Investors: Tom Curry, +1-215-751-5419, or Jen Hill, +1-215-751-7002, all of GlaxoSmithKline plc Web Site: http://www.gsk.com/

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