GlaxoSmithKline Inc. will gain full control of a pair of Phase III assets along with a larger pipeline in its $3.6 billion purchase of Human Genome Sciences Inc., but virtually all observers believe the key driver to the deal, contingent on a majority of HGS shareholders accepting GSK’s $14.25 per share offer, is the multinational pharma getting full control over Benlysta, a lupus drug launched in 2011 to so-far disappointing sales results.
After about three months of haggling, including HGS seeking alternative bidders and adopting a “poison pill” to stave off GSK’s offer, the two companies announced July 16 that their boards had agreed to a sale after GSK increased its initial $13-per-share offer by about 10% ([A#14120716007])