Investor says GSK offer too low

GlaxoSmithKline’s $2.6bn (£1.6bn) offer for Human Genome Sciences undervalues the biotech company, according to Taube Hodson Stonex, a leading investor in the US 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 per cent 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 US firm, given their long-term partnership.