Human Genome Rejects Glaxo $2.6B Takeover Bid
From Associated Press (May 17, 2012)
ROCKVILLE, Maryland -- Human Genome Sciences says its board has adopted a "poison pill" shareholder rights plan to ward off unsolicited takeover bids for the biotech drug maker. British pharmaceutical giant GlaxoSmithKline has made an unsolicited takeover bid worth nearly $2.6 billion.
The plan will dilute holdings if anyone tries to acquire 15 percent or more of Human Genome’s stock without board approval.
Human Genome says its board is recommending that shareholders reject Glaxo’s offer. It says the offer amounting to $13 per share is inadequate and that Glaxo made it to take advantage of shares that were trading near a 52-week low price.
Glaxo and Human Genome Sciences split sales of the injectable lupus treatment Benlysta.
Posted: May 2012