GlaxoSmithKline Bid Undervalues Human Genome Sciences, Inc.

GlaxoSmithKline's (GSK.L) $2.6 billion offer for Human Genome Sciences (HGSI.O) undervalues the biotech company, according to Taube Hodson Stonex, a leading investor in the U.S. group. "The price that's been offered, although it is a big premium to where the shares were trading, is not high enough," said Mark Evans, a fund manager at Taube, which is the sixth largest investor in Human Genome with a 5.6 percent stake. GSK, Britain's biggest drugmaker, says its $13 a share offer is "full and fair" and it is the only obvious owner for the U.S. firm, given the long-term partnership between the two companies.