$2.6bn hostile GSK bid for Human Genome takeover
LONDON - A month after its informal offer was rejected, British drugmaker GlaxoSmithKline on Wednesday said it was launching this week a hostile $2.6 billion takeover bid for its US research partner Human Genome Sciences Inc.
On April 11, the London firm made a move for Human Genome, offering $13 a share, which was rejected by the US company on April 19.
GlaxoSmithKline said Genome has had "a reasonable amount of time" to look over other options.
"There is clear strategic and financial logic to this combination and HGS shareholders should have the opportunity to decide for themselves on the merits of the offer," Glaxo said in a statement.
The offer remains $13 per share in cash.
"GlaxoSmithKline plc today announced that it will ... commence a tender offer this week to acquire all of the outstanding shares of HGS for $13.0 per share in cash," the London firm said.
On Wednesday, a Human Genome statement said that the offer "does not reflect the value inherent" in the company.
The two companies have cooperated on many treatments, including lupus medication Benlysta, diabetes drug albiglutide and darapladib, used to limit thickening of artery walls.
Human Genome has hired Goldman Sachs and Credit Suisse to explore strategic alternatives, including a possible sale of the company, and has invited GSK to join the process.
But GSK, which is being advised by Lazard and Morgan Stanley, said it would not participate in that strategic review, according to Reuters.
Comments
More Manila News
RSS-
Manila cop 6 others charged with human trafficking
MANILA, Philippines--A case of qualified trafficking in persons has been filed in the Manila Regional Trial Court against six people working for a night club allegedly owned by a Manila policeman, who himself faces similar charges, for hiring guest relation officers to engage in pornography by putting on indecent shows and offering customers sex for money. The National Bureau of ...
-
AllStar Weekend in final pop act for Manila fans at Makati Circuit Fest
MANILA, Philippines –This Saturdaymay be the first and last time Filipino fans of AllStar Weekend will see the trio perform their hits as a pop group before their transition into more mature sound. No they are not exactly parting ways, bassist Cameron Quiseng clarified in a recent interview with INQUIRER.net but their new album’s sound has veered away from the usual pop music they ...
-
‘This Century’ hopes third time’s a charm with Manila fans
MANILA, Philippines — They say third time’s the charm. And after performing for their Filipino fans in a two-night gig in December, Arizona-based pop rock band This Century of Sound of Fire fame is back for a third. The four-piece group’s guitarist Sean Silverman told INQUIRER.net in a recent interview that they were psyched to be back in a place they saw as an important fan ...
-
Ethan Hawke Julie Delpy open to shoot 4th film in Manila
HOLLYWOOD, California - Almost two decades ago, Jesse and Celine, the characters played by Ethan Hawke and Julie Delpy, met and fell in love in the movie "Before ...
-
Manila less than thrilled at Dan Browns Inferno
Dan Brown has annoyed leaders of Manila in the Philippines with his hellish description of the city in his latest book, Inferno. Photograph: Jim ...
-
Brown gets a griller in Manila
Manila , Francis Tolentino, wrote an open letter to the American author, saying that while Inferno is fiction, "we are greatly disappointed by your inaccurate portrayal of our beloved metropolis".Mr Tolentino objected to the "gates of hell" phrase and to Manila being defined by what he calls terrible descriptions of poverty and pollution. He said that the novel fails to ...
-
Manila confirms boost to military spending
The Philippines is determined to spend $1.8 billion on military upgrades -- mostly naval -- to protect the country against "bullies" in its territorial waters. Philippines ...
-
Philippine poll body dismisses election fraud claims
Philippine Commission on Elections (Comelec) chair Sixto Brillantes Jr. on Thursday rebutted the so-called "60-30-10" theory, saying he was willing to have all the ballot boxes in the country opened to show that there was no fraud. Brillantes said he was confident that the review by political parties and citizen watchdogs of the source code of the precinct count optical scan (PCOS) ...
-
Confidence at record high in Philippines
Business confidence in the Philippines hit an all-time high in the second quarter, as the assignment of an investment grade to the Philippines prompted expectations that economic growth would remain robust and would continue to boost corporate earnings. The Bangko Sentral ng Pilipinas (BSP or centra bank) on Thursday reported that the business confidence index for the second quarter hit +54.9 ...
-
Otto Energy to drill Philippines oil development wells in June
(MENAFN - ProactiveInvestors - Australia) Otto Energy (ASX: OEL) expects to spud the first of two Galoc Phase II in June with the mobilisation of the Ocean Patriot semi-submersible drilling rig to the Galoc oil field offshore Philippines.The rig is currently under tow from Singapore and is expected to arrive on site in early June. After it is anchored, it will proceed to spud the Galoc-5H and ...
-
Filipino rice farmers urged to follow India
MANILA, Philippines--Filipino farmers are starting to use the rice-growing method that has recently made India the world's top rice exporter. The system of rice intensification (SRI) method involves simple changes in farmers' practices such as transplanting younger seedlings singly and at wider distances and drying the fields intermittently, using nonchemical weeding methods and ...
-
Taipei rebuffs Manila anew
Justice Secretary Leila De Lima. INQUIRER FILE PHOTO TAIPEI--Taiwan on Wednesday set aside a Philippine request for legal assistance, delaying the completion of Manila's investigation of the fatal shooting of a Taiwanese fisherman by Filipino coast guards two weeks ago. The Taiwanese Ministry of Justice said it declined the Philippine request for the time being because Manila continued to ...
-
Slain Taiwanese was ‘good to Filipino fishermen’
Taiwanese fisherman Hung Shih-cheng’s boat, the Kuang Ta Hsing No. 28, is checked by Taiwanese officers after arriving at Liuqiu port in Pingtung County, southern Taiwan, Saturday, May 11, 2013. Taiwanese boat owner Steven Liao said the damage to the Guang Ta Hsin 28 costs around NT$8 million (P11 million). AP PHOTO TAIPEI--Filipinos in Pintung county, where the Taiwanese fisherman ...
-
Manila tells Dan Brown to go to hell
PHILIPPINE authorities have reacted angrily over Da Vinci Code author Dan Brown's portrayal of Manila as "the gates of hell" in his latest ...
-
Michael Cinco headlines Philippine Fashion Week
Isa na namang bigating pangalan ang binihisan ng Pinoy designer na si Michael Cinco. Ito'y walang iba kundi ang Latina superstar na si Jennifer Lopez. Pasabog din ang koleksyon ni Cinco sa pagbubukas ng Philippine Fashion Week. nagpa-Patrol si Marie ...
-
Philippines cemetery provides Manilas poor a place to live among the dead
Every morning, Alberto Lagarda Evangelista, 71, leaves the two-storey, lemon-yellow home he has lived in for the past decade and walks to work at the cemetery next door. As a caretaker of about 20 graves, Evangelista earns just 20,000 pesos (315) a year, a sum so small that he must share his house with seven other people - all of whom are dead.Evangelista lives and works in the Cementerio del ...
-
Business confidence in Philippines reaches new heights
Philippines has soared to an all-time high after the country was awarded investment grade credit ratings. The central bank said the overall confidence index rose 54.9 per cent from the first quarter's 41.5 per cent. "This is the highest reading since the start of the nationwide survey in the fourth quarter of 2006," said the central bank. The confidence index is the percentage ...
-
Dan Browns Inferno Upsets Philippines
Dan Brown's description of Manila as "the gates of hell" in his new novel Inferno has provoked anger in the Philippines. The plot of his latest work includes a character who is visiting the capital, and while doing so is shocked by the poverty, crime and sex trade. Brown's vivid description of the city has incurred an angry response from the Philippines, where the book ...
-
Pope Francis may visit Philippines in 2016—CBCP
Pope Francis. AP FILE PHOTO MANILA, Philippines -- The Philippines may just be on Pope Francis' travel itinerary in 2016, the head of the Catholic Bishops Conference of the Philippines (CBCP) said on Thursday. Cebu Archbishop Jose Palma, CBCP president, said Church officials were hoping Pope Francis would be able to visit in January 2016 after the Vatican asked that the date for a major ...
-
Author angers Manila authorities
Philippine authorities Thursday reacted angrily over 'Da Vinci Code' author Dan Brown's portrayal of Manila as "the gates of hell" in his latest novel. The book "Inferno" includes a character who describes the capital as a city of horrible traffic jams, suffocating pollution, massive poverty and a thriving child sex trade. The chairman of the government ...
News from around our Network
Comments
No comments yet for this story
Have your say