NEW YORK — GlaxoSmithKline said its offer to buy Human Genome Sciences was "full and fair" Wednesday after HGS turned it down last week, according to published reports.
Reuters reported that GSK's $13-per-share, $2.6 billion offer for HGS would give the former full control of Benlysta (belimumab), the first new drug approved by the Food and Drug Administration for lupus in more than half a century. The two companies developed the drug together under a partnership, and the drug received approval in March 2011.
On Friday, HGS confirmed that GSK had offered to buy it, but concluded that the offer "does not reflect the value inherent in HGS."
The companies' partnership also includes darapladib, a cardiovascular disease drug currently in phase-3 development; and albiglutide, also in phase-3 development, for Type 2 diabetes.