Glaxo takes £1.6bn Genome bid fully hostile
Britain's biggest drugs firm, GlaxoSmithKline, yesterday stormed ahead with its $2.6bn (£1.6bn) hostile takeover of United States biotech Human Genome Sciences, waving aside the board to take its bid direct to shareholders.
Glaxo is Human Genome's major partner, working together on Benlysta, the first new lupus drug approved in the US in half a century.
But the biotech last month rejected GSK's $13-a-share cash offer, which was more than 80 per cent higher than its unaffected closing share price, saying the bid price did "not reflect the value" of HGS.
The US firm instead hired Goldman Sachs and Credit Suisse to launch a strategic review, which included considering putting itself up for sale. Yesterday, however, GSK showed it wasn't prepared to wait and took its bid direct to investors, saying its offer was "full and fair".
The drugmaker, headed by Sir Andrew Witty added: "GSK's participation in the [review] process is unnecessary as its offer is not conditioned on due diligence or financing and can be completed expeditiously. It is important for HGS shareholders to understand that GSK is committed to proceeding with its offer.
"There is clear strategic and financial logic to this combination and HGS shareholders should have the opportunity to decide for themselves on the merits of the offer."
Glaxo is being advisedby Lazard and Morgan Stanley.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...