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so do i sell it now or wait for them to buy it from does that transaction work?

If you want the full $37.50 price, you will have to wait. But, when I have waited for the "guaranteed price" for other mergers it did come with an additional bonus -- no transaction fee (a savings of a couple of bucks more). Check with your broker to make sure that is how they will handle this for you.

You will know in advance when the transaction will take place. But you are correct that that on that day CNXS will drop from your portfolio and be replaced with greenbacks -- without you doing anything because Glaxo is buying all shares. I'd still tender my shares just to make sure I was not lost in the shuffle somewhere...

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