20.04.2012 - Human Genome Science Inc. rebuffs an unsolicited takeover bid from GlaxoSmithKline.
London – European pharma companies have had no luck with US M&A activities recently. First Roche walked away from its acquisition of gene sequencing specialist Illumina Inc. Now Human Genome Science Inc. (HGS) has rejected an unsolicited US-$2.59bn bid from GlaxoSmithKline. Great Britain’s largest drugmaker offered US-$13 per share in cash, an 81% premium on HGS’s closing share price on March 18.
In spite of that, the Maryland-based biotech said "does not reflect the value inherent in HGS“ and therefore rebuffed the offer. Goldman, Sachs & Co. and Credit Suisse will now advise it on "strategic alternatives" including a possible sale of the company. Obviously, the door for the deal has not closed yet. According to HGS, Glaxo "has been invited to participate in this process“.
GSK's chief executive, Sir Andrew Witty, said he was disappointed that Human Genome had rejected his offer without discussion. "Having worked together with Human Genome Sciences for nearly 20 years, we believe there is clear strategic and financial logic to this combination for both companies and our respective shareholders – and that now is the appropriate time in the evolution of our relationship for our two companies to combine." GSK’s move has been seen as a bet on the sales prospects of several drugs the companies are developing or marketing together. The results for a clinical trial with a diabetes drug are expected for this summer. Last year, the two companies jointly launched Benlysta, the first new drug for lupus in fifty years.
20.01.2015 Ebola research projects are set to receive €215m in funding from the European Commission’s IMI2 Ebola+ programme. Among the project partners are vaccine developers Glaxosmithkline, Johnson&Johnson and Merck.
13.01.2015 Shire beefs up its rare disease portfolio after acquiring NPS Pharma with the aim of becoming a leading biotech in a US$5.2bn deal. Part of the deal is the US biotech's lead portfolio of gastrointestinal and hormone replacement therapies.
09.01.2015 The excitement surrounding CRISPR genome editing shows no sign of abating. This month, Novartis and US biotech Intellia Therapeutics became the first ever biotech-pharma collaboration to use the groundbreaking technology.
06.01.2015 With the aim to utilise Ireland’s many natural resources and keep abreast of the latest EU developments in bioeconomy, a multi-disciplinary team has been funded to maximise national income, exports and job creation related to Ireland’s bioeconomy.