Andrew Witty News
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GlaxoSmithKline Plc will begin a hostile $2.6 billion tender offer this week for Human Genome Sciences Inc. after the U.S. company, its partner on the Benlysta drug for lupus, rebuffed a takeover approach.
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GlaxoSmithKline Plc, the U.K.’s largest drugmaker, reported first-quarter profit and sales that missed analyst estimates as revenue declined in Europe.
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Human Genome Sciences Inc., the biotechnology company that spurned a $2.59 billion acquisition offer from GlaxoSmithKline Plc, said it undervalues the sales potential of leading treatment Benlysta. Glaxo said it doesn’t see the need to raise the bid.
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Human Genome Sciences Inc. almost doubled in trading as the biotechnology company put itself up for sale after rejecting a $2.59 billion acquisition bid from GlaxoSmithKline Plc.
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GlaxoSmithKline Plc said its offer for Human Genome Sciences Inc. represents “full and fair value” and would deliver an “immediate and certain” benefit beyond what Human Genome can create as a stand-alone company.
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Human Genome Sciences Inc. rejected GlaxoSmithKline Plc’s $13-a-share takeover offer partly because most of its biggest investors bought the stock at a higher average price, said two people with knowledge of the matter.
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GlaxoSmithKline Plc is adding new products in China and hiring “a few hundred” more salespeople to promote them, betting that health-care reforms will widen access to drugs and make up for state-mandated price cuts.
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GlaxoSmithKline Plc Chief Executive Officer Andrew Witty’s total compensation last year almost doubled as the company’s stock returned 25 percent in 2011.
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GlaxoSmithKline Plc Chief Executive Officer Andrew Witty plans to announce two “small” acquisitions soon, after walking away from five potential purchases or partnerships since October.
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GlaxoSmithKline Plc Chief Executive Officer Andrew Witty and former Tesco Plc Chairman David Reid were given knighthoods in a U.K. honors list that also includes golfers Darren Clarke and Rory McIlroy.
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