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news.Human Genome Sciences (HGS) has rejected $2.6bn (£1.6bn) takeover bid offered by GlaxoSmithKline (GSK).
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GSK offered $13 per share, which is 81% premium to HGS closing price on 18 April 2012, of $7.17 per share.
HGS has partnered Glaxo in the development of a treatment for lupus. HGS is also developing a treatment for anthrax for the US government.
In a statement, HGS said it has carefully reviewed and considered the GSK offer and has determined that the offer does not reflect the value inherent in HGS.
HGS is taking advice on selling the company and Glaxo has been invited to take part in that process.