Pharmaceuticals giant GlaxoSmithKline has completed its acquisition of Human Genome Sciences (HGS), its long-term biotech partner, having bought all of the 174.4m outstanding shares in the company for 1,425 cents each.
The shares, equal to around 87% of the share capital, were purchased for a total of $3.6bn on an equity basis, or around $3bn net of cash and debt.
Glaxo exercised its top-up option to purchase newly-issued shares of HGS common stock from the firm, something that was necessary for GSK to own at least 90% of the outstanding shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
HGS's listing on the North American Stock Dealers Automated Quotation (NASDAQ) exchange has now been cancelled.
The two companies have collaborated for a long time in the past, including on Benlysta, a treatment for Lupus.
NR
