GlaxoSmithKline PLC is taking its unsolicited $2.6 billion bid for Rockville-based Human Genome Sciences Inc. directly to the biotech's shareholders through a tender offer this week, a hostile move that will test GSK's partnership with the smaller firm, The Wall Street Journal reported.
Human Genome Sciences last month rejected GSK's $13-per-share share offer as too low, and said it had hired two banks to advise it on "strategic alternatives," including a possible sale of the company. In a statement Wednesday, Glaxo said it won't participate in Human Genome Sciences' strategic review process, and will instead launch a cash tender offer this week at $13 per share.