Human Genome Shareholders Say GSK's $3B Offer Too Low

Law360, New York (July 25, 2012, 4:05 PM EDT) -- Just two weeks after announcing its drawn-out $3 billion takeover of U.S. biotech company Human Genome Sciences Inc., British drugmaker GlaxoSmithKline PLC was hit Monday with a putative class action from Human Genome shareholders who say the price tag is too low.

A single shareholder in Maryland-based Human Genome, which has developed gene-targeting drugs for lupus, diabetes and heart disease, says the company's board breached its fiduciary duty by undervaluing itself and by agreeing to a deal designed to discourage competing offers.

The suit calls the...
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