What Does GlaxoSmithKline See In Human Genome Sciences?
By Income Hunter:Recently, Human Genome Sciences (HGSI) chose to reject a $2.59 billion takeover bid by GlaxoSmithKline (GSK).The bid from GlaxoSmithKline was, as it must be pointed out, unsolicited. GlaxoSmithKline was responsible for assisting the smaller company to put its first drug on the market, devoting nearly twenty years to this end. However, Human Genome rejected the bid because, as it alleged, GlaxoSmithKline undervalued the company. It expects to get a better offer and intends to explore other options. Human Genome Sciences has hired Goldman Sachs and Credit Suisse to assist in its decision about where to go from here. The company invited GlaxoSmithKline to explore with it.GlaxoSmithKline is, unsurprisingly, disappointed by the rejection of the offer. Apparently the CEO of GlaxoSmithKline considers the merger to be strategic and that costs will be reduced significantly if it can buy Human Genome Sciences. Investors in Human Genome Sciences would also receiveComplete Story »
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