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GlaxoSmithKline ( GSK - Analyst Report ) recently announced its intention to commence a tender offer to acquire the outstanding shares of Human Genome Sciences, Inc. ( ) for a cash payment of $13 per share. Glaxo decided that it will not take part in the strategic review being conducted by Human Genome.
We note that the tender offer will remain open for 20 business days after its commencement. According to Glaxo, its offer provides Human Genome shareholders with the option to make their own decision and Human Genome’s board enough time to consider other alternatives.
In response to Glaxo’s announcement, Human Genome has advised its shareholders to take no action until the company’s board completes the review of the takeover bid. Human Genome plans to complete the review process within 10 business days from the commencement of the tender offer.
Earlier, in April 2012, Glaxo had made an offer to acquire Human Genome for $13 per share in cash. However, Human Genome’s board of directors had rejected the offer as they believed that the offer price undervalued the company.
If Glaxo succeeds in acquiring Human Genome, Glaxo would gain full control over Benlysta (approved for treating systemic lupus erythematosus). Glaxo will also gain control over late-stage candidates such as darapladib (cardiovascular disease) and albiglutide (type II diabetes).
Our Take
Benlysta has significant potential, being the first lupus drug to hit the market in more than 50 years. It was approved in the U.S. in March 2011, while E.U. approval came in July 2011. However, the product has performed below expectations since launch. Glaxo recorded sales of $14 million in the first quarter of 2012.
The acquisition will raise the returns on Research and Development (R&D) expenses for Glaxo and lead to cost synergies of minimum $200 million by 2015. We believe this potential takeover would be accretive for the company from 2013.
Human Genome shareholders also stand to benefit from the acquisition, as the offer price represents an 81% premium over Human Genome’s closing share price on April 18, 2012.
We currently have a Neutral recommendation on Glaxo. The stock carries a Zacks #3 Rank (Hold rating) in the short run.
Read the full reports :
Analyst Report on GSK