GlaxoSmithKline has entered into a definitive agreement to acquire Human Genome Sciences, a Rockville, Md.-based biotechnology company, for about $3 billion.
The boards of directors at both companies have approved the deal, the British drugmaker said in a news release.
GlaxoSmithKline had first announced an offer to buy outstanding shares of Human Genome Sciences in mid-April. The offer was rejected by Human Genome Sciences at that time.
“The transaction meets GSK’s strict financial criteria for acquisitions, and we expect will deliver significant returns over the long-term,” GlaxoSmithKline CEO Andrew Witty said in the news release Monday. “This is a natural next step in our nearly 20-year relationship with HGS, and we look forward to working with HGS to integrate our businesses and to realizing the full value of Benlysta, albiglutide, and darapladib for the benefit of patients and our shareholders.”