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)