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Glaxo Launches Hostile Bid For Human Genome Sciences

DOW JONES NEWSWIRES GlaxoSmithKline PLC (GSK) has made an unsolicited takeover bid for U.S.-based Human Genome Sciences Inc. (HGSI), the target company said Thursday. HGS said the U.K. pharmaceutical giant is offering $13.00 a share in cash, valuing it at over $2.5 billion--a price that the target company said is inadequate. HGS shares closed at $7.17 on Wednesday. "The HGS board of directors, in consultation with independent financial and legal advisors, has carefully reviewed and considered the Glaxo offer and has determined that the offer does not reflect the value inherent in HGS," it said in a statement. HGS also said its board has authorized the exploration of "strategic alternatives," which could include a potential sale. A Glaxo spokeswoman said Thursday the company is planning to issue a release. Glaxo has long been considered a potential suitor for HGS, with which it has a close relationship. The companies have a partnership agreement on Benlysta, a treatment for lupus, under which they share profits. The drug is expected to become HGS's main revenue driver. HGS is also co-developing two other compounds with Glaxo: darapladib, for the treatment of heart disease; and albiglutide, for diabetes. Both are in late-stage testing. The U.S. company said it has requested additional information regarding those products in Glaxo's pipeline to which HSG has financial rights, including darapladib and albiglutide. HGS also said it hired Goldman Sachs and Credit Suisse to assist. At 1028 GMT, Glaxo shares were up 17 pence, or 1.2%, at 1459 pence, on a slightly higher FTSE 100 index. -By Marta Falconi, Dow Jones Newswires; +41 43 443 8043;

Stock News for Human Genome Sciences (HGSI)
08/03/201203:00:56GlaxoSmithKline Completes Acquisition of Human Genome Sciences
07/30/201209:06:49GlaxoSmithKline Gets 79% Tenders for Human Genome Sciences Offer
07/15/201219:10:13Glaxo Eyes Human Genome Sciences for $2.6 Billion
07/15/201215:49:18Sources Say GlaxoSmithKline in Talks to Acquire Human Genome...
07/11/201212:36:14Glaxo To File Experimental Diabetes Drug Albiglutide In Early...
07/10/201208:38:08Human Genome: FDA Sets Dec. 15 Action Date For Anthrax Treatment...
07/03/201217:08:09GlaxoSmithKline Readies Candidates to Replace Human Genome's...
06/29/201209:24:03Glaxo Keeps Pressure On Human Genome By Extending Offer To July...
06/29/201207:35:49GlaxoSmithKline Sets July 20 For Expiration Of Tender Offer To...
06/15/201210:42:11GSK Gets Renewed Invitation to Human Genome Sciences Strategic...
06/08/201209:10:55GlaxoSmithKline Extends HGS Offer To June 29
06/07/201211:43:24Glaxo Seen Likely to Extend Hostile Tender Offer for Human Genome
05/30/201211:58:59GlaxoSmithKline Is Said To Plan Effort To Replace Human Genome...
05/23/201209:12:46Glaxo Amends Offer To Address HGS Shareholder Rights Plan
05/17/201217:45:35ADR Report: Shares Lower As Euro-Zone Worries Loom
05/17/201213:54:16GlaxoSmithKline Offer To Acquire HGS Represents Full, Fair Value
05/17/201207:55:44Human Genome Adopts Poison Pill With 15% Trigger To Deter Glaxo
05/09/201209:33:24WSJ BLOG/Health: A.M. Vitals: GSK's Hostile Human Genome Bid;...
05/09/201205:02:12Glaxo Goes Direct To HGS Shareholders With Hostile Offer
05/09/201202:48:24GlaxoSmithKline To Launch $13/Share Tender Offer For To Buy HGS

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