Research: What was the value of Human Genome Science?

When Human Genome Sciences (HGS) was acquired by GlaxoSmithKline (GSK) in 2012, its “fair value” was $3.6B, less than the $3.9B capital investments in the company. Does this truly reflect the value of a product (BenlystaTM) with billion-dollar potential, HGS’ product pipeline, and >600 patents? A recent paper from the Center for Integration of Science and Industry reviews the history of HGS and valuation of HGS and argues that there is a need for greater alignment between the milestones of translational science and measures of corporate value.

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