Michael Leslie's updated adaptation will open at the West End's Vaudeville Theatre Oct. 16 following previews that begin Oct. 5.
Slater, who was last seen on the London stage in One Flew Over the Cuckoo's Nest, will play film producer Buddy Ackerman, the role played by Kevin Spacey in George Huang's 1994 movie.
Baxendale will play the part of the savvy, sexy producer Dawn Lockard (played by Michelle Forbes in the movie), while Smith takes on the role of Ackerman's assistant Guy (Frank Whaley in the movie), who eventually turns on his boss after putting up with Ackerman's abuse in the hope of getting a break in movies.
Baxendale will be remembered internationally for appearances on "Friends." She was last seen on the London stage in 2005 in Roland Schimmelpfenning's The Woman Before at the Royal Court.
Smith's stage credits include Fresh Kills and That Face, also at the Royal Court, and The History Boys at the National. He recently appeared in the BBC's political comedy drama "Party Animals." The cast also includes Elizabeth Croft as Mitzy, an aspiring model-cum-actress; Arthur Darvill as Rex, Buddy's previous assistant; Mark Edel-Hunt as Jack, Guy's film-school friend; Jonathan Newth as Cyrus Miles, the chairman of Keystone Productions; and Fanos Xenofos as Daniel Faruk, a fledgling movie director.
Swimming With Sharks is directed by Wilson Milan (The Lieutenant of Inishmore) and designed by Dick Bird. The adaptation is produced in London by Nica Burns and Max Weitzenhoffer for Nimax Theatres, and Nick Frankfort and Tobias Round for Creative Management Productions.
For more information on Swimming With Sharks, which is booking until Jan. 19, 2008, call 0870 890 0511.