Thursday, April 19, 2012

GlaxoSmithKline pounces on Human Genome with $2.6 billion bid | Reuters


(Reuters) - Human Genome Sciences has rejected an unsolicited bid worth around $2.6 billion from long-time partner GlaxoSmithKline, marking a new takeover battle in a drugs sector swept by M&A activity recently.

The pioneer of gene-based drug discovery, which sells a new drug for lupus with GSK, said on Thursday the offer of $13 per share, made in a letter on April 11, did not reflect the value inherent in the company.

It has hired Goldman Sachs and Credit Suisse to help explore strategic alternatives, including a possible sale. GSK has been invited to participate in that process.

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