Praecis Pharmaceuticals Inc. said Thursday the company has entered in an agreement to be acquired by GlaxoSmithKline plc for approximately $58.4 million.

Waltham, Mass.-based Praecis and U.K.-headquartered GlaxoSmithKline said in a joint statement that GSK will acquire all outstanding shares of Praecis' common stock for a cash purchase price of $5.00 per share.

Praecis' PPI-2458 compound is in an early stage human clinical trial to treat non-Hodgkin's lymphoma and solid tumors.

"Praecis has created novel therapeutic programs and innovative chemical-synthesis and screening technology that will complement our own discovery capabilities," said Allen Oliff, Senior Vice President, Molecular Discovery Research, GSK.