GlaxoSmithKline launched its promised $2.6 billion tender for shares in long-time partner Human Genome Sciences on Thursday, setting out an initial timetable of just under a month to win control. The offer to buy all the outstanding shares in the biotechnology company will expire at 12:00 midnight New York time on June 7, unless it is extended, GSK said in a brief statement. The history of takeover battles in the biotechnology sector suggests an extension is quite likely and investors may hold out for a higher price.
