New York, July 16 (FinanceEnquiry.com) – GlaxoSmithKline (NYSE: GSK), the consumer healthcare company’s deal to acquire Human Genome Sciences (NASDAQ: HGSI), which is under process from past 3 months is very close to its finalization.
The deal valued at $2.8 billion is an all cash deal. The bio-pharmaceutical corporation is expected to raise its per share price from $13 to $14. The official announcement is to be made today prior to opening of the US markets.
In April, Glaxo’s deal worth $2.6 million was rejected by Human Genome on account of its being very low but now the decision has to be changed as the investors are pressuring it to accept the deal as it hasn’t received any other offer and the deadline for the same had just lapsed.
However, the additional benefit related to a specific drug’s success are not expected to be part of a deal, the sources added.
After acquiring Human Genome, GSK will get full rights to various drugs in which both the companies are collaborating. One is Benlysta, the first new treatment for lupus in 50 years, and two other experimental drugs in late-stage trials for heart disease and diabetes.
Human Genome and GSK won approval for Benlysta last year but its unsuccessful launch hit Human Genome shares considerably. It had gone down from $25 to a low of $6.51 in December.
Human Genome was approached by GSK a few months later to launch an auction through Credit Suisse (NYSE: CS) and Goldman Sachs (NYSE: GS).
GSK’s CEO, Andrew Witty commented that this accord will also provide effective cost cutting and an extraordinary return.
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