Glaxo Says $13-a-Share Human Genome Offer Is ‘Full and Fair’

GlaxoSmithKline Plc (GSK) said its offer for Human Genome Sciences Inc. (HGSI) represents “full and fair value” and would deliver an “immediate and certain” benefit beyond what Human Genome can create as a stand-alone company.

“We are disappointed that Human Genome Sciences has rejected our offer without discussion and are confident that our offer is in the best interest of shareholders of both companies,” Glaxo Chief Executive Officer Andrew Witty said today in a statement.

“Now is the appropriate time in the evolution of our relationship for our two companies to combine,” Witty said. “GSK is uniquely positioned to realize the full value of Benlysta, albiglutide, darapladib and Human Genome Sciences’s other assets for the benefit of physicians, patients and shareholders.”

To contact the reporter on this story: Trista Kelley in London at tkelley2@bloomberg.net

To contact the editor responsible for this story: Kristen Hallam at khallam@bloomberg.net

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