The company was founded by Alan Walton, Wally Steinberg and Craig Venter who at the time founded the non-profit TIGR to begin sequencing and submitting patents on hundreds of thousands of protein-encoding DNA fragments. In 1993 Wally Steinberg hired Bill Haseltine as the first CEO of HGS. In 2000, Haseltine said that the company 's work "speeds up biological discovery a hundredfold, easily." He talked of finding in genes "the fountain of youth" in the form of "cellular replacement" therapies. More than $2 billion in investments was raised by the company by 1999-2000. Two initial drugs failed in clinical trials, and the stock share price declined from its highs. For example, in September 2000, the company reported that it had found a way to treat large, painful sores that often plague elderly patients, using a protein spray called repifermin, made by a human gene called keratinocyte growth factor-2. In February 2004, the company said that it was ending the development of repifermin because it showed no more benefit than a placebo in clinical trials. In late 2004, HGS announced Haseltine's retirement and named H. Thomas Watkins the new President and CEO. Benlysta received U.S. Food and Regulatory Administration approval for use in lupus in March 2011. Belimumab was being developed with GlaxoSmithKline, Abthrax for anthrax was the subject of a contract with the US Government under Project BioShield. Development of Albuferon for Hepatitis C was discontinued after fatalities during early testing. Belimumab and raxibacumab were created as a result of a technology licensing deal signed with Cambridge Antibody Technology signed in 1999. Its facilities in Rockville, Maryland earned its architect—Davis Carter Scott, Ltd.—an award from the National Association of Industrial and Office Properties. The association cited the glass walls, atrium, and uniform design of all the buildings as reasons for the award. On April 19, 2012, GlaxoSmithKline made a takeover bid for HGS, offering $13.00 per share. The HGS board "...in consultation with independent financial and legal advisors, has carefully reviewed and considered the GSK offer and has determined that the offer does not reflect the value inherent in HGS." Glaxo then tried to buy HGS shares on the open market, but the HGS board of directors adopted a "poison pill" shareholder rights plan that led Glaxo to back off. Shareholders sued the HGS board for adopting the plan. On July 16, 2012, HGS agreed to be purchased by GSK for $3.6 billion.
Collaboration with Cambridge Antibody Technology
In 1999, HGS signed a deal with the UK biopharmaceutical company Cambridge Antibody Technology to discover and develop antibody therapeutics. This deal generated belimumab, raxibacumab, mapatumumab and lexatumumab. In April 2012, the first three of these products formed part of the six named by HGS in its public pipeline.http://www.hgsi.com/products.html
Pipeline
As of April 2012, HGS's pipeline consisted of six products:
