MPM BioEquities Adviser, a major shareholder in Corixa, says it is planning to vote against GlaxoSmithKline’s proposed acquisition of the firm because it does not believe the $300 million dollar price tag is a fair value.

The UK drug giant revealed last month that it was planning to buy its long-term vaccines partner [[03/05/05c]], but MPM says it will use its 1.1 million shares to vote against the proposed takeover in the proxy vote, which has been scheduled to take place on July 12. It believes that $6.50 per share is a fair and reasonable price for Corixa – versus GSK’s offer of $4.40 per share.