GlaxoSmithKline Extends Tender Offer for TESARO, Inc.

GlaxoSmithKline plc (LSE/NYSE: GSK) ("GSK") today announces that its indirect wholly-owned subsidiary Adriatic Acquisition Corporation ("AAC") has extended the expiration date of the previously announced cash tender offer to purchase all of the issued and outstanding shares (each a "Share" and collectively, "Shares") of common stock of TESARO, Inc. (NASDAQ: TSRO) ("TESARO") to 6:00 P.M., Eastern Time, on January 18, 2019, unless further extended.  The extension allows for the expiration of the one (1)-month statutory review period contemplated by the German Act against Restraints of Competition, which is scheduled to expire at 11:59 P.M., Central European Time, on January 18, 2019.  The extension also allows for the expiration of the four (4) week review period contemplated by the Austrian Cartel Act, which is scheduled to expire at 11:59 P.M., Central European Time, on January 15, 2019.  The tender offer was previously scheduled to expire at one (1) minute past 11:59 P.M., Eastern Time, on January 14, 2019.  GSK and AAC expect the tender offer will be consummated promptly following the expiration date (as extended by AAC), subject to the satisfaction of the remaining conditions to the consummation of the tender offer.

Computershare Trust Company, N.A., as the depositary for the tender offer, has advised AAC that, as of one (1) minute past 11:59 P.M., Eastern Time, on January 14, 2019, 46,743,017 Shares were tendered pursuant to the tender offer, which represented approximately 77.2% of the issued and outstanding Shares as calculated in accordance with the Agreement and Plan of Merger, dated December 3, 2018 (the "Merger Agreement"), among GSK, AAC and TESARO.  Stockholders who have already tendered their Shares into the tender offer do not have to re-tender their Shares or take any other action as a result of the extension of the expiration date.

The completion of the tender offer is conditioned upon the tender by TESARO stockholders of at least one Share more than 50% of the issued and outstanding Shares (as calculated pursuant to the terms of the Merger Agreement), as well as other important conditions specified in the Schedule TO filed by GSK, GlaxoSmithKline LLC ("GSK LLC") and AAC with the Securities and Exchange Commission (the "SEC") on December 14, 2018.

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