GSK enters hostile takeover of Human Genome SciencesJim T. Ryan
GlaxoSmithKline, the British pharmaceutical company with a vaccine plant in Lancaster County, today said it will begin a bid to buy Maryland-based Human Genome Sciences Inc. by going directly to shareholders to buy the company's majority stock.
Human Genome Sciences, also known as HGS, wanted the companies to use a "strategic alternatives review process" before any possible deal, it said. Instead, GlaxoSmithKline today opted to offer HGS shareholders an 81 percent premium on their stock value with a per-share purchase price of $13. GlaxoSmithKline first announced its bid to buy HGS in April.
HGS developed technologies for two drugs GlaxoSmithKline is working on, including one entering clinical trials to treat heart disease and stroke, and another to control blood sugar levels and appetite.