Human Genome Sciences, Inc. Board Adopts Poison Pill Antitakeover Plan, in Talks With Potential Suitors

Biotech drugmaker Human Genome Sciences Inc.'s board has adopted a "poison pill" shareholder rights plan to ward off unsolicited takeover bids, and it also has rejected a buyout offer worth nearly $2.6 billion from British pharmaceutical giant GlaxoSmithKline plc. The Rockville, Md., company said Thursday its plan lasts for a year and will dilute holdings if anyone attempts to acquire 15 percent or more of its stock without board approval. Human Genome said the plan protects the long-term interests of shareholders and allows its board to focus on its strategic review process. The company announced on April 19 that it will explore a potential sale.