Glaxo wins HGS approval after lifting its bid

Week-end reports that Anglo-American drugs giant GlaxoSmithKline was close to sealing a takeover of US peer Human Genome Sciences (HGS) have proved correct, with the UK company lifting its offer terms to secure approval from the HGS board.

Week-end reports that Anglo-American drugs giant GlaxoSmithKline was close to sealing a takeover of US peer Human Genome Sciences (HGS) have proved correct, with the UK company lifting its offer terms to secure approval from the HGS board.

Glaxo is offering $14.25 a share for HGS in a deal which values the US firm at $3.6bn. Once HGS's cash position is taken into account the final cost to Glaxo will be around $3bn in cash.

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