GlaxoSmithKline finalises Human Genome Sciences takeover

GlaxoSmithKline has completed its $3.6 billion (2.3 billion pounds) takeover of long-term collaborative partner Human Genome Sciences.

The company finalised the details of the transaction on August 3rd 2012, meaning Human Genome Sciences has now officially become a wholly-owned GlaxoSmithKline subsidiary.

A price was agreed between the two organisations last month following weeks of negotiations, with the deal set to bring a number of operational benefits to GlaxoSmithKline.

By purchasing Human Genome Sciences, the company will take ownership of collaboratively-developed drugs such as Benlysta, albiglutide and darapladib, thus facilitating future research projects and commercialisation efforts.

Sir Andrew Witty, chief executive officer of GlaxoSmithKline, said: "The transaction meets GlaxoSmithKline's strict financial criteria for acquisitions and we expect it will deliver significant returns over the long term. This is a natural next step in our nearly 20-year relationship with Human Genome Sciences".

Meanwhile, Human Genome Sciences' president and chief executive H Thomas Watkins expressed confidence that this deal will help to realise the full potential of Benlysta and other drugs.