Pharmaceutical giant GlaxoSmithKline has announced it will go hostile with its $2.6 billion bid for Human Genome Sciences by taking the offer directly to shareholders.
GlaxoSmithKline (GSK) is refusing to participate in the strategic alternatives review process offered by US-based Human Genome Sciences (HGS), on the basis that it is unnecessary and that there is existing strategic and financial logic to the combination of the two companies. GSK said that HGS shareholders should have the opportunity to decide for themselves on the merits of the offer.
In a statement, GSK said: “GSK continues to believe that now is the appropriate time in the evolution of the GSK/HGS relationship for the companies to combine and that GSK is uniquely positioned to deliver on the promises of Benlysta, albiglutide and darapladib.
“GSK values the long relationship it has with HGS and has clearly stated its preference to complete a transaction on a friendly basis in a timely fashion. GSK remains willing to meet and review its offer with HGS at any time.”
GSK said it believes its offer is full and fair, in the interest of shareholders of both companies, and well aligned to GSK’s long-term strategy of delivering sustainable growth, simplifying GSK’s business model, enhancing R&D returns and deploying capital with discipline.
Headquartered in London, UK, GSK employs over 97,000 people in over 100 countries.