The cavalry never arrived in Rockville, Md., and after a three-month process highlighted by tender extensions, a call for rival bids and implementation of a “poison pill,” Human Genome Sciences Inc. has agreed to be bought out by its long-time partner GlaxoSmithKline Inc. HGS announced July 16 that its board had accepted a revised offer of $14.25 a share from GSK, up slightly from the $13 per share originally offered in April.
The deal, estimated at $3.6 billion overall or closer to $3.0 billion net of cash and debt, brings GSK full ownership of struggling lupus drug Benlysta (belimumab), plus a pair of Phase III candidates – darapladib and albiglutide – discovered and developed by GSK using HGS’ technology