Glaxo Set To Announce $2.8B Buyout of Human Genome Sciences

July 16, 2012 2:07 PM GMT

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(Photo: Reuters)<br>GlaxoSmithKline
(Photo: Reuters)
GlaxoSmithKline

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GlaxoSmithKline PLC (NYSE:GSK) was set to announce a $2.8 billion deal to buy biotech outfit Human Genome Sciences early Monday, several financial news outlets reported, ending a three-month pursuit of the merger.

Glaxo, Britain's biggest drugmaker, was set to pay around $14 per share, two unnamed sources told Reuters, an increase from the $13 hostile offer the company had previously made. The acquisition is seen as a way for the drugmaker, which has an aging pipeline for new drugs to acquire a wider portfolio of offerings. The prize draw is considered to be Benlysta, a lupus medication.

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