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GSK clinches deal to buy Human Genome for $3 billion


    LONDON (Reuters) - GlaxoSmithKline is to acquire its long-time partner Human Genome Sciences for $3 billion, ending a three-month hostile pursuit of the U.S. biotech company on friendly terms after sweetening its offer.

    The purchase price excludes Human Genome's cash and debt amounting to $600 million.

    The deal comes after weekend talks in which Britain's biggest drugmaker agreed to raise its bid to $14.25 a share from $13 previously, which Human Genome had rejected as inadequate.

    Reuters earlier reported that the two sides were near a deal. The acquisition will secure GSK full rights to a recently launched drug for lupus and other experimental medicines.

    (Reporting by Ben Hirschler; editing by Chris Wickham)