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Winnipeg Free Press - PRINT EDITION
Pharma takeover bid continues
LONDON -- GlaxoSmithKline says it will persist with its bid to take over U.S. company Human Genome Sciences despite a new "poison pill" defence.
In a statement issued after the market closed on Thursday, GSK said it believes its $13 per share offer represents full value for HGS, its partner in developing new drug treatments.
Rockville, Md.-based HGS on Thursday announced its defensive move, which will dilute holdings if anyone attempts to acquire 15 per cent or more of its stock without board approval.
GSK's offer closes on June 7.
GSK and Human Genome Sciences split sales of the injectable biotech drug Benlysta, which last year became the first new drug approved for lupus in 50 years. Sales so far have fallen short of expectations, with monthly revenue averaging $11 million, but some analysts believe the drug could grow into a billion-dollar blockbuster.
HGS said Thursday Glaxo's offer failed to capture the "significant upside potential" of Benlysta and the company's pipeline of drugs including darapladib, for cardiovascular disease, and albiglutide, for Type 2 diabetes.
-- The Associated Press
Republished from the Winnipeg Free Press print edition May 19, 2012 B10
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