Human Genome Sciences sets July 16 deadline for takeover bids

18 June 2012

In the latest update on UK pharma giant GlaxoSmithKline’s (LSE: GSK) hostile takeover attempts for Human Genome Sciences (Nasdaq: HGSI), the US biotech firm on Friday sent a letter to GSK once again inviting the company to participate in the ongoing process according to the same procedures previously established and to provide, by no later than July 16, 2012, GSK’s final bid terms, including a response to a draft agreement which will be provided to all interested bidders. The letter specifically noted that the HGS board of directors has previously rejected $13.00 per share as inadequate.

HGS rejected the UK pharmaceutical giant's $13 per share offer last month, saying it was inadequate. At that time the company also adopted a "poison pill" shareholder rights plan in order to ward off any unsolicited takeover bids. GSK last week extended its tender offer to June 29, after securing less than a quarter percent of the biotech firm's stock in an initial tender round (The Pharma Letter June 10).

GSK declines to participate

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