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GSK completes acquisition of Human Genome Sciences

Friday - 8/3/2012, 11:00am  ET

LONDON - Britain's GlaxoSmithKline PLC says it has completed its $3.6 billion acquisition of U.S. biotech company Human Genome Sciences.

In a statement Friday, the pharmaceutical and consumer goods group says all outstanding shares were bought for $14.25 each in cash.

Human Genome Sciences, based in Rockville, Md., agreed to the acquisition last month after GSK raised its bid price from $13 a share.

Under the agreement, GSK gains full ownership of two experimental drugs plus Human Genome's only marketed medicine, Benlysta. That's the first new drug approved in about 50 years for lupus, a chronic immune disorder.

GSK expects the deal to add to core earnings from next year and to produce at least $200 million in cost savings by 2015.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)