Glaxo facing fraud squad crime probe May 27, 2014 BRITAIN’S biggest drug company Glaxosmithkline said last night that the Serious Fraud Office (SFO) has opened a formal criminal investigation into the company’s commercial practices, amid ongoing accusations of bribery overseas. Glaxo, which makes everything from Aquafresh toothpaste to Horlicks, has faced bribery allegations in China in recent months, and similar accusations of corruption in [...]
China charges ex-Glaxo exec with corruption May 14, 2014 CHINA yesterday charged the former head of Glaxosmithkline’s operations in the country with corruption after a 10-month investigation into payments made to medical staff. Mark Reilly stepped down from his role at the pharmaceutical giant and left China when the probe was announced in July 2013, but returned several months later to help with the [...]
China accuses UK executive in GlaxoSmithKline bribery probe May 14, 2014 Chinese authorities have accused three GlaxoSmithKline (GSK) executives of ordering employees to bribe doctors, hospitals and medical associations, allegedly making billions of yuan in “illegal revenue”. Mark Reilly, a British national and former head of GSK in China, along with two colleagues, is alleged to have had a hand in setting up and growing the [...]
Glaxo boss not tempted to bid for AstraZeneca April 30, 2014 SHARES in British pharmaceuticals giant Glaxosmithkline slid more than two per cent yesterday after the firm revealed a 10 per cent drop in first-quarter sales, and its chief executive played down the chance of a so-called white knight bid for AstraZeneca. Sir Andrew Witty said he still prefers targeted transactions rather than mega-mergers. UK rival [...]
GlaxoSmithKline trades assets with rival Novartis April 22, 2014 FTSE 100 drug giant GlaxoSmithKline (GSK) yesterday unveiled a complex string of asset deals with Swiss rival Novartis in a move set to deliver a £4bn windfall for shareholders. GSK closed up 5.2 per cent in trading yesterday after investors cheered the three-part transaction, which will see the business sell its cancer drugs offering to [...]
London Report: Glaxo pharma deal puts FTSE market on high April 22, 2014 CORPORATE activity in the pharmaceutical sector yesterday pushed Britain’s benchmark stock index to a two-week high and to within sight of a peak for the year so far. Drugmaker AstraZeneca rose 4.7 per cent, with trading volumes in the stock more than three times its 90-day average, after the Sunday Times reported a £60bn approach [...]
What does GSK’s “transformational deal” mean for the rest of the sector? April 22, 2014 It looks like pharma M&A frenzy may have returned, with the slew of activity over the Easter weekend buoying European markets as big players see substantial gains. A $16bn (£9.5bn) three-part tie-up between GlaxoSmithKline (GSK) and Novartis will see the former buy the latter’s oncology unit, along with the setting up of a global consumer [...]
Novartis and GSK agree $16bn oncology deal April 22, 2014 Another pharmaceutical deal this morning. Swiss drug maker Novartis has announced that it’s doing an exchange of certain assets with GlaxoSmithKline (GSK), as part of its company overhaul. It’ll buy the latter’s oncology unit for $14.5bn (£8.6bn), with up to $1.5bn also being paid to reach an agreed development milestone. The deal will also see [...]
Fresh bribery claims hit Glaxo April 16, 2014 UK-BASED pharmaceuticals giant Glaxosmithkline has been hit by another set of allegations over bribery, admitting yesterday that it is investigating the actions of some staff in Lebanon and Jordan. “We are investigating allegations regarding the activity of a small number of individuals in our operations in Jordan and Lebanon,” it said in a statement yesterday. [...]
Drug firm Glaxo faces a bribery probe in Poland April 14, 2014 GLAXOSMITHKLINE is facing a criminal investigation in Poland for allegedly bribing doctors to promote one of its drugs, it emerged yesterday. The FTSE 100-quoted pharmaceuticals giant has already been accused of corruption in China and Iraq. The case was highlighted by BBC Panorama, which said the probe involved 11 doctors and a GSK regional manager, [...]