GlaxoSmithKline reported today that it will acquire Reliant Pharmaceuticals for $1.65 billion. Reliant, which is privately held, specializes in cardiovascular therapies. The firm currently holds the U.S. rights to Lovaza, which is a treatment for adults with elevated triglyceride levels. GSK said the deal will be slightly accretive to 2008 earnings, excluding integration costs, and is expected to conclude before the end of the year.

Separately, GSK said it purchased 1.385 million of its common shares today, and it intends to hold the shares in Treasury.

At last check, the stock was hovering around breakeven. GSK has recently slipped beneath its 50-month moving average, and the equity has gapped below its declining 10-day moving average, as well. However, option traders are relentlessly optimistic toward the shares the Schaeffer's put/call open interest ratio is resting at an annual low of 0.55.