UK-based pharmaceutical firm GlaxoSmithKline has sealed a deal to buy Human Genome Sciences for $3.6bn.
GlaxoSmithKline originally offered $13 a share in April but have now raised this to an accepted $14.25 a share – bringing the purchase to $3.6bn (£2.3bn).
As a result of the takeover GSK will gain control of an immune system drug called Benlysta that it previously co-owned with US biotechnology firm Human Genome Sciences (HGS).
The purchase of HGS will also give GSK control over its experimental medicines in the treatment of diabetes and heart disease.
Sir Andrew Witty, CEO of GSK, said: “We are pleased to have reached a mutually beneficial agreement with HGS on friendly terms and believe the combination of GSK and HGS represents clear financial and strategic logic for both companies and our respective shareholders.”
He added: “We look forward to working with HGS to integrate our businesses and to realising the full value of BENLYSTA, albiglutide, and darapladib for the benefit of patients and our shareholders.”