GlaxoSmithKline Buys Praecis

Praecis Pharmaceuticals Inc. (PRCS) was snapped up by GlaxoSmithKline plc (GSK) for $55 million. Praecis stock more than doubled by surging $2.89 to close at $4.89 while shares of GlaxoSmithKline eased 15 cents to close at $52.14.