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GlaxoSmithKline buys vaccine developer Okairos

NEW YORK (AP) -- British drugmaker GlaxoSmithKline PLC said Wednesday that it will buy Okairos AG for about $323 million, gaining the Swiss vaccine developer's products.

GlaxoSmithKline said Okairos is studying vaccine technology that could be used in shots that can both prevent and cure infections or diseases. It said the company is developing potential treatments for hepatitis C, malaria, tuberculosis, ebola, HIV, and respiratory syncytial virus, which can lead to pneumonia and is the most common cause of lower respiratory tract illnesses in infants and young children.

GlaxoSmithKline valued the deal at 250 million euros.

Last year GlaxoSmithKline reported about $5.4 billion in vaccine revenue, about 13 percent of the company's total revenue.

Shares of GlaxoSmithKline fell $1.58, or 3 percent, to close at $52.01 amid a broader market slump.