US biotechnology firm Human Genome Sciences (HGS) has set a deadline of 16 July 2012 for offers to acquire the company, but has failed to tempt GlaxoSmithKline (GSK) into the process.
HGS has undertaken the strategic alternative review to sound out potential buyers who now have until the deadline to submit definitive proposals to purchase all outstanding common shares in the company.
The company adopted the strategy immediately after GSK made its offer to acquire HGS, valuing the company at $2.6bn.