Human Genome Sciences Inc. said it rejected an unsolicited $2.6 billion offer from GlaxoSmithKline PLC , a longtime research partner. It said the $13-a-share bid "does not reflect the value inherent in HGS."
Glaxo said the offer reflects "full and fair value" for the Rockville, Md., company, representing an 81% premium over the stock's closing price Wednesday of $7.17 on the Nasdaq Stock Market. The shares about doubled on Thursday, rising to $14.17; Glaxo shares were up 32 cents to $46.69 on the New York Stock Exchange.
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