GSK completes takeover of Human Genome

3rd Aug 2012 08:00

Pharmaceuticals giant GlaxoSmithKline has completed its acquisition of Human Genome Sciences (HGS), its long-term biotech partner, having bought all of the 174.4m outstanding shares in the company for 1,425 cents each. The shares, equal to around 87% of the share capital, were purchased for a total of $3.6bn on an equity basis, or around $3bn net of cash and debt. Glaxo exercised its top-up option to purchase newly-issued shares of HGS common stock from the firm, something that was necessary for GSK to own at least 90% of the outstanding shares. HGS's listing on the North American Stock Dealers Automated Quotation (NASDAQ) exchange has now been cancelled. The two companies have collaborated for a long time in the past, including on Benlysta, a treatment for Lupus. NR