GSK launches hostile $2.6 bn bid for Human Genome Sciences

British drugmaker GlaxoSmithKline on Wednesday said it had gone hostile over its $2.6 billion (2.0 billion-euro) takeover bid for US research partner Human Genome Sciences Inc.

GlaxoSmithKline, which in April had an informal offer rejected by the US company's board, said it had decided to put its bid directly to the shareholders of HGS. The offer remains $13 per share in cash.

" today announced that it will ... commence a tender offer this week to acquire all of the outstanding shares of HGS for $13.0 per share in cash," the British firm said.

"GSK's offer represents a premium of 81 percent to HGS's closing share price of $7.17 on 18th April, the last trading day before HGS publicly disclosed GSK's private offer."

add to favorites email to friend print save as pdf

Related Stories

GlaxoSmithKline says net profits drop 13% in Q1

Apr 25, 2012

British drugsmaker GlaxoSmithKline said Wednesday that its net profits dropped 13 percent to £1.325 billion (1.616 billion euros, $2.134 billion) in the first quarter from a year earlier.

Verizon to buy Terremark for $1.4 billion

Jan 28, 2011

(AP) -- Verizon Communications Inc. said Thursday it is buying Terremark Worldwide Inc., a provider of information technology services, for $1.4 billion in cash.

Recommended for you

Medical charity warns India over patent rules

Jan 21, 2015

Doctors without Borders on Wednesday warned the Indian government not to bow to US pressure to amend patent regulations that allow millions access to affordable medicines, ahead of a visit by President Barack Obama.

Why are some generic drugs getting so expensive?

Jan 21, 2015

More than eight out of every 10 prescriptions dispensed in the US is generic. This growth is due to a large number of top-selling drugs going off patent over the past decade, as well as innovations in t ...

Supreme Court sides with Teva in drug dispute

Jan 20, 2015

The Supreme Court on Tuesday sided with Teva Pharmaceutical Industries Ltd. in the company's high-profile patent dispute with rival firms over the top-selling multiple sclerosis drug.

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.