Human Genome Holder Says Glaxo Bid "Unacceptable" - Newspaper
04/29/2012| 09:22am US/Eastern
A fund with a 5.6% stake in Human Genome Sciences Inc. (>> Human Genome Sciences), the U.S. drug company for which GlaxoSmithKline PLC (>> GlaxoSmithKline plc) has made an unsolicited $2.6 billion offer, said the approach is "unacceptable", according to the Sunday Times.
Human Genome Sciences, based in Rockville, Md., on April 20 rejected Glaxo's $13 a share offer, which it said undervalues the company.
Taube Hodson Stonex, a London-based fund, said the offer amounted to Glaxo trying to "get a steal with an offer that completely undervalues the company", the Sunday Times reports, attributing the remarks to Taube Hodson Stonex's Mark Evans.
"Towards $20 per share would still feel undervalued," Evans is quoted as saying.
THS couldn't be reached for comment Sunday.
Glaxo and Human Genome Sciences have a long working relationship, co-leveloping and sharing profits on Benlysta, a lupus medicine.
Newspaper Web site: http://www.timesonline.co.uk
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320