Human Genome Sciences Brands GSK Tender Offer 'Inadequate'

HGS has urged stockholders not to tender their shares to GSK following the pharmaceutical giant's 'inadequate' tender offer.

Human Genome Sciences' (HGS') board of directors has determined that GlaxoSmithKline's (GSK's) recent unsolicited tender offer undervalues the company and is not in the best interests of its stockholders.

Board members voted unanimously that GSK's offer to acquire all outstanding common shares for $13 per share in cash was inadequate.

As a result, the biotechnology company's stockholders have been urged not to tender their shares to GSK.

HGS has also adopted a shareholder rights plan with a 15 per cent trigger in a bid to shield the company from GSK's takeover bid.

H Thomas Watkins, HGS' president and chief e