Biotech Co. Human Genome Rejects $2.6B Bid From GSK

Law360, New York (April 19, 2012, 1:24 PM EDT) -- Gene-targeting drug developer Human Genome Sciences Inc. on Thursday rejected an unsolicited $2.59 billion bid from GlaxoSmithKline PLC, but a cozy relationship between the companies could still result in a takeover, analysts said.

Human Genome said the $13 per-share offer “does not reflect value inherent” in the company, and added it would explore its options, including a possible sale of the company. It invited Glaxo to participate in the exploratory process, which it has retained Goldman Sachs and Credit Suisse to help run.

“Having worked together...
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