GSK confident over buyout bid

Pharmaceutical giant GlaxoSmithKline said its $2.6bn (€1.98bn) bid for long-time partner Human Genome Sciences was “full and fair” and it was the only obvious owner for the US biotechnology firm.

After releasing disappointing first-quarter results, Britain’s biggest drugmaker insisted its $13-a-share offer was generous, and chief executive Andrew Witty played down the possibility of increasing the price.

“We absolutely believe that we are the compelling owner for this business,” he said.