Pharmaceutical giant GlaxoSmithKline has announced it will go hostile with its $2.6 billion bid for Human Genome Sciences by taking the offer directly to shareholders.
GlaxoSmithKline (GSK) is refusing to participate in the strategic alternatives review process offered by US-based Human Genome Sciences (HGS), on the basis that it is unnecessary and that there is existing strategic and financial logic to the combination of the two companies. GSK said that HGS shareholders should have the opportunity to decide for themselves on the merits of the offer.