Glaxo cleared to buy ID Biomedical

VANCOUVER, British Columbia, Dec. 7 (UPI) -- A Canadian court has cleared GlaxoSmithKline to buy Vancouver, British Columbia-based flu vaccine maker ID Biomedical Corp.

Under the terms approved by the court, holders of 2003 warrants will be entitled to Canadian $9.20 per warrant.

That price went up from the initial value of $5.33 set in October, according to published reports.

The deal further provides that the holders can opt to have the court fix the fair value of their warrants.

All of the other terms of the transaction -- originally valued at $1.4 billion -- remained the same, reports said.

The court's approval represented the last hurdle in allowing the deal to go forward.