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GlaxoSmithKline to acquire Human Genome Sciences

GlaxoSmithKline to acquire Human Genome Sciences

After spurning a hostile takeover bid from GlaxoSmithKline PLC in April, Human Genome Sciences Inc. said Monday it agreed to be bought by the biopharmaceutical giant for a more lucrative offer valued at $3.6 billion.

GlaxoSmithKline boosted its offer for Rockville-based Human Genome, which uses the human DNA sequence to develop targeted drugs, to $14.25 a share from the $13 it offered in April.

"After a thorough analysis of strategic alternatives, [Human Genome] has determined that a combination with [GlaxoSmithKline] is the best course of action for our company and the best way to maximize value for our stockholders," said H. Thomas Watkins, Human Genome's CEO,...