Human Genome Rejects GSK's $2.6B Bid With Poison Pill

Law360, New York (May 17, 2012, 7:30 PM EDT) -- Drugmaker Human Genome Sciences Inc. has blocked an unsolicited $2.59 billion takeover bid by GlaxoSmithKline PLC on Thursday with a poison pill plan that will deter the health care giant from taking a stake larger than 15 percent.

The board of Human Genome, which makes gene-targeting drugs, said it unanimously rejected the offer, for a second time, and set in place a short-term stockholder rights plan that will dilute the holdings of any purchaser of more than 15 percent of the company's stock, who does so...
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