Business & Tech
Done Deal: Human Genome Acquired by GSK
British pharmaceutical giant removes most of Rockville biotech's board.
British pharmaceutical giant GlaxoSmithKline announced Friday it has completed its $3.6 billion acquisition of Rockville-based biotechnology firm Human Genome Sciences.
at a sale price equal to $14.25 a share.
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The ownership transition has not been a smooth one, according to reports.
Glaxo removed several HGS executives and most of the HGS board on Monday, The Washington Post’s Capital Business Blog reported.
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’s board . The board felt the bid, equal to $13 a share, was too low.
That led Glaxo to make a direct offer to HGS shareholders to buy their shares. HGS countered by enacting a “poison pill” of shareholder rights, The Washington Post reported.
HGS’s lupus drug Benlysta is being developed jointly with Glaxo. The Rockville company’s stock has struggled over the past year due to the high costs of the rollout and poor initial reviews of the drug.
GSK shares (symbol: GSK) were trading on the New York Stock Exchange at $46.76 (+0.47/1.01 percent) at 12:30 p.m. on Friday.
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