GlaxoSmithKline eyes hostile takeover of Human Genome Sciences In an effort shore up its pharma supply chain, GlaxoSmithKline is eyeing a hostile takeover of a major pharmaceutical player.

GlaxoSmithKline is set to appeal directly to shareholders of Human Genome Sciences this week as it moves toward a $2.59 billion takeover of the company. Human Genome Sciences rejected the British pharmaceutical giant's proposed acquisition last month, but that has not stopped the company from continuing to pursue the deal.

The New York Times DealBook reports GlaxoSmithKline is willing to pay a hefty premium for the company: its offer of $13 per share is 81 percent higher than the April 18 closing price of Human Genome Sciences' shares. GlaxoSmithKline first announced its buyout on April 19.

In a statement, GlaxoSmithKline said it "continues to believe it has made a full and fair offer which is in the interest of shareholders of both companies." There has been a jump in merger and acquisition activity within the pharmaceutical sector over the past few months. Companies such as Pfizer have streamlined research and development in an effort to implement cost savings campaigns, and they are endeavoring to fuel their product pipelines through such deals.

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