GlaxoSmithKline is to acquire its long-time partner Human Genome Sciences for $3 billion (1.92 billion pounds), 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.
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 new medicines.
Biotechnology companies are in increasing demand as Big Pharma companies seek new products to replace older medicines that are going off patent in the biggest wave of drug patent expiries in history.
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