GSK buys HGS and TGS buys Par
GlaxoSmithKline (GSK) has been trying to woo Human Genome Sciences (HGS) for three months, staring in April when it offered $2.6bn for the US drug developer. This offer was rejected.
Now however GSK appears to have one over HGS with a $3bn bid in a deal that GSK CEO Andrew Witty said: “Will deliver significant returns over the long-term.”
He added that: “This is a natural next step in our nearly 20-year relationship with HGS, and we look forward to working with HGS to integrate our businesses and to realizing the full value of BENLYSTA, albiglutide, and darapladib for the benefit of patients and our shareholders.”
H. Thomas Watkins, HGS’ CEO said: "After a thorough analysis of strategic alternatives, HGS has determined that a combination with GSK is the best course of action for our company and the best way to maximize value for our stockholders.
Private-equity firm TPG has entered into a definitive agreement to buy generic drugmaker Par Pharmacueitcla for $1.9bn.
The deal – which affords Par the opportunity to look for better offers until August 24 – would give TPG control of the US’ fifth largest manufacturer of generic drugs.
Par CEO Patrick LePore said: “We are very pleased that Par will be acquired by TPG, a leading global private investment firm whose substantial resources and healthcare experience will enable Par to continue to invest in its future long-term growth."
Similar comments were made by Todd B. Sisitsky, partner at TPG. "[Par] is positioned to benefit from the strong macro trends of a greater focus on cost effective healthcare solutions and the increasing demands from an aging population. We look forward to partnering with this talented management team to continue developing an attractive platform for expansion."
