GSK China bribery allegations are “credible”, says investigator July 4, 2014 An investigator hired by GlaxoSmithKline to look into claims of bribery at the company's China operation has said that the allegations are “credible”. Four senior executives at the company have been arrested by police in China. They are accused of bribing influential doctors with cash and expensive gifts so that they would use their [...]
GlaxoSmithKline share price drops after sex tape revealed June 30, 2014 Shares in Britain’s biggest drugmaker GlaxoSmithKline fell yesterday after it confirmed the existence of a sex video recording of its former China head, Mark Reilly. The tape sparked a bribery investigation that has damaged the drugmaker’s business in China. A GSK spokesman confirmed the tape existed but did not comment on how it related to [...]
Glaxosmithkline agrees $350m link-up with cancer specialists June 2, 2014 GLAXOSMITHKLINE, the UK’s largest pharmaceuticals firm, has agreed a strategic deal with British biotech company Adaptimmune to develop cancer drugs. The arrangement could see privately-owned Adaptimmune earn more than $350m (£209m) over the next seven years, the firm said in a statement. “GSK’s substantial development and manufacturing expertise in key areas will be invaluable as [...]
GSK on the hunt for suitor to buy drugs portfolio May 29, 2014 THE UK’S biggest drug maker Glaxosmithkline has raised the for sale sign on a number of its best known products, alerting a host of private equity suitors to the opportunity in a bid to secure a buyer. GSK, led by chief executive Sir Andrew Witty, has appointed Lazard to drum up interest in the sale, [...]
London Report: Investors brush off Glaxo fraud probe as FTSE edges up May 28, 2014 BRITAIN’S top shares edged up yesterday, with pharma giant Glaxosmithkline’s stock falling by only a relatively modest amount after the UK fraud office launched a criminal investigation into its commercial practices. The FTSE 100 closed up 6.28 points, or 0.1 per cent, at 6,851.22 points. The drugmaker fell 1.6 per cent on news of the [...]
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 [...]