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.
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