News briefs: GlaxoSmithKline and Bayer

24 May 2012

UK pharma giant GlaxoSmithKline (LSE: GSK) has said it would not proceed with its $2.59 billion hostile takeover offer for Human Genome Sciences (NSQ: HGSI) unless the U.S. biotechnology company dropped a shareholder rights plan or "poison pill" imposed to block the deal, Reuters and other news sources have reported.

HGS adopted the stockholder rights plan last week (The Pharma Letter May 18) in an attempt to ward off GSK in what is becoming an increasingly acrimonious battle between the companies that together sell new lupus drug Benlysta. GSK has given HGS shareholders until June 7 to accept its $13-a-share offer.

Public-private antibiotic research project

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