GSK commences tender offer of Human Genome Sciences

LONDON — GlaxoSmithKline is moving forward with its acquisition of Human Genome Sciences.

The drug maker said Thursday that it has commenced its previously announced tender offer to acquire all of the outstanding shares of Human Genome Sciences for $13.00 per share in cash, a premium of 81% to HGS's closing share price of $7.17 per share on April 18, the last trading day before HGS publicly disclosed GSK's private offer.

The closing of the tender offer is subject to the terms and conditions detailed in the offer document. The tender offer and withdrawal rights are scheduled to expire at 12:00 a.m. EST on June 7 unless the offer is extended.