NEW YORK (AP) -- GlaxoSmithKline PLC said Friday it has again extended its $2.6 billion hostile offer for shares of Human Genome Sciences Inc., its collaborator on the lupus drug Benlysta.
GlaxoSmithKline of London said its offer will expire July 20. The bid values Human Genome Sciences at $13 per share and was scheduled to expire Friday. Around 375,000 shares of Human Genome Sciences have been tendered in support of GlaxoSmithKline's offer. That's less than 0.2 percent of the 199.1 million Human Genome Sciences shares on the market and represents a small decrease in support from June 8.
The Rockville, Md., company has said GlaxoSmithKline's offer is too small and has urged shareholders not to support it. It also adopted a "poison pill" shareholder rights plan to block the deal. Human Genome Sciences said its board of directors is reviewing strategic options and will accept bids for the company until July 16.
It said GlaxoSmithKline has refused to participate in that process. GlaxoSmithKline said it made its first offer for Human Genome Sciences in April and said the company has had more than enough time to review its bid. It took the offer directly to shareholders in May.
Shares of Human Genome Sciences rose 20 cents to $13.26 in morning trading, and GlaxoSmithKline stock added 69 cents to $45.69.
