LONDON (AP) — Britain's GlaxoSmithKline PLC says it has completed its $3.6 billion acquisition of U.S. biotech company Human Genome Sciences.
In a statement Friday, the pharmaceutical and consumer goods group says all outstanding shares were bought for $14.25 each in cash.
Human Genome Sciences, based in Rockville, Md., agreed to the acquisition last month after GSK raised its bid price from $13 a share.
Under the agreement, GSK gains full ownership of two experimental drugs plus Human Genome's only marketed medicine, Benlysta. That's the first new drug approved in about 50 years for lupus, a chronic immune disorder.
GSK expects the deal to add to core earnings from next year and to produce at least $200 million in cost savings by 2015.