GlaxoSmithKline sees $2.6bn bid for US partner Human Genome rejected

GlaxoSmithKline has made a $2.6bn bid for US partner Human Genome Sciences, which has been immediately rejected. The drugs sector has seen a wave of mergers and acquisitions, and Glaxo was said earlier this year to be eyeing up Human Genome, with the two already collaborating on a number of projects including an experimental heart drug. But the move has been rebuffed by the US company which said the unsolicited offer did not reflect its underlying value. It is now exploring strategic options, and Glaxo has been invited to take part in this process. Glaxo's shares have added 17p to 1458.5p ahead of a statement from the UK company.