ROCKVILLE, Md. (AP) – Biotech drugmaker Human Genome Sciences Inc. is giving all bidders until July 16 to submit their final buyout offers and appealed to GlaxoSmithKline PLC to participate even though its prior bid was rejected.
The Rockville, Md.-based company said that it is committed to exploring its strategic options.
Human Genome rejected the British pharmaceutical giant’s $13 per share offer last month, saying it was inadequate. At that time the company also adopted a “poison pill” shareholder rights plan in order to ward off any unsolicited takeover bids.
GlaxoSmithKline and Human Genome Sciences split sales of the injectable biotech drug Benlysta, which last year became the first new drug approved for lupus in 50 years. Sales have been underwhelming, with monthly revenue averaging $11 million. But some analysts believe the drug could eventually grow into a billion-dollar blockbuster in coming years.
Human Genome Sciences’ only other approved product is the anthrax treatment ABthrax, which it sells to the U.S. federal government for stockpiling.
Date: June 15, 2012
Source: Associated Press