10:03 ET - GlaxoSmithKline falls more than 7% on the New York Stock Exchange after announcing the purchase of a cancer biotech. Glaxo says it will pay $5.1B for Tesaro, which sells a cancer drug, named Zejula, for treatment of ovarian cancer. The deal helps Glaxo gain a foothold in the lucrative cancer-drugs market. But Zejula's sales have lagged other drugs in its class, known as Parp inhibitors, notably AstraZeneca's Lynparza. And doctors and industry officials say Zejula's side-effect profile is worse than other Parps. (jonathan.rockoff@wsj.com; @jonathanrockoff)

(END) Dow Jones Newswires

December 03, 2018 10:18 ET (15:18 GMT)

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