Drugmaker, Glaxosmithkline | featured news

GlaxoSmithKline is expected to announce a deal to buy Human Genome Sciences for about $2.8 billion as soon as Monday, ending a three-month hostile pursuit of the U.S. biotech company on friendly terms after sweetening its offer.

British drugmaker GlaxoSmithKline will pay $3 billion in fines - the largest health care fraud settlement in U.S. history - for criminal and civil violations involving 10 drugs that are taken by millions of people. The Justice Department said Monday that GlaxoSmithKline PLC will plead guilty to promoting popular antidepressants Paxil and Wellbutrin for unapproved uses. The company also will plead guilty to failing to report to the government for seven years some safety problems with diabetes drug Avandia, which was restricted in the U.S. and banned in Europe after it was found in 2007 to sharply increase the risks of heart attacks and congestive heart failure.

GlaxoSmithKline Plc plans to launch a campaign to replace the entire board of Human Genome Sciences Inc with its own nominees, stepping up its $2.6 billion hostile bid for the U.S. biotech company, sources familiar with the situation said on Wednesday.

British drugmaker GlaxoSmithKline said Wednesday it will no longer wait for Human Genome Sciences to consider an acquisition offer and instead appealed directly to the Rockville firm’s shareholders to accept its $13-per-share asking price.