Human Genome ($HGSI) announces rejection of unsolicited offer from Glaxo (GSK) to acquire HGSI for $13/sh cash

Human Genome Sciences (NASDAQ: HGSI) exists to place new therapies into the hands of those battling serious disease.

• HGSI announced that it has received an unsolicited proposal from GSK to acquire HGSI for $13.00 per share in cash.
• The New York Times Deal Book is now saying it has been rejected - SEE NY TIMES DEAL BOOK
• The HGSI board, in consultation with independent financial and legal advisors, has carefully reviewed and considered the GSK offer and has determined that the offer does not reflect the value inherent in HGSI
• HGSI also announced that its board has authorized the exploration of strategic alternatives in the best interests of shareholders, including, but not limited to, a potential sale of the company.
• HGSI has retained Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC to assist in this process, with Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper LLP (US) serving as legal counsel.
• GSK has been invited to participate in this process and HGSI has requested additional information regarding investigational products in GSK’s clinical pipeline to which HGS has substantial financial rights, including darapladib, currently in Phase 3 development for the treatment of cardiovascular disease, and albiglutide, currently in Phase 3 development for the treatment of type 2 diabetes.
• There can be no assurance that any transaction will occur or if so on what terms.
• HGSI does not intend to discuss the status of its evaluation unless and until a specific transaction has been approved
• StreetAccount notes there have been a number of rumors over a period of time regarding a potential bid by GSK for HGSI as the two companies are commercialization and development partners in Benlysta

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