GlaxoSmithKline PLC said Friday it had acquired the privately held biotechnology company Domantis Ltd. for $454 million in cash.

Domantis, based in Cambridge, England, is a specialist in next-generation monoclonal antibodies, which are derived from a single clone of a cell and used to target various diseases. It is currently developing drugs to treat diseases such as rheumatoid arthritis, asthma, chronic obstructive pulmonary disease and multiple myeloma, a type of bone marrow cancer.

The acquisition follows a similar deal by rival AstraZeneca PLC, which took over antibody specialist Cambridge Antibody Technologies in May.

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