The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGlaxosmithkline Share News (GSK)

Share Price Information for Glaxosmithkline (GSK)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1,810.00
Bid: 1,811.00
Ask: 1,811.50
Change: 0.00 (0.00%)
Spread: 0.50 (0.028%)
Open: 1,805.00
High: 1,812.50
Low: 1,797.00
Prev. Close: 1,810.00
GSK Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Brexit spells upheaval for EU and UK drug regulation

Fri, 24th Jun 2016 11:41

* European Medicines Agency may have to move from London

* Duplicate regulatory system could cause confusion

* Currency moves to influence company earnings

By Ben Hirschler

LONDON, June 24 (Reuters) - Britain's vote to leave theEuropean Union spells regulatory uncertainty for drug companies,with the London-based European Medicines Agency (EMA), whichapproves treatments for all EU countries, expected to have torelocate.

The association of Germany's pharmaceuticals industry saidon Friday that Europe's equivalent of the U.S. Food and DrugAdministration would need to move to a city within the EU,bringing administrative headaches for companies.

Britain's biggest drugmaker, GlaxoSmithKline, saidthe exit vote "creates uncertainty and potentially complexityfor us in the future", though the impact on its global businesswould be small, while the UK pharma trade association warned ofchallenges to future investment, research and jobs.

Industry executives fear upheaval at the EMA could snarl theEU's drug approval process and Britain may have to develop itsown domestic regulatory system, leading to further confusion.

Although Britain could continue to take part in the EMAsystem if it remains in the European Economic Area, like Norway,many of those supporting its exit from the EU oppose thatoption.

As a result, British patients could move to the back of thequeue for new medicines as companies prioritise the larger EUmarket, and some medicines could be left in regulatory limbo.

The EMA, with a full-time staff of more than 600, is thelargest EU body in Britain and has overseen pan-European drugapprovals since 1995 from its headquarters tucked away amongglobal banks in London's Canary Wharf.

An EMA spokeswoman said it was premature to comment on itsfuture. "It is too early to foresee the implications of thisdecision and at this stage we are waiting for further guidancefrom the European Commission," she said.

Drug companies and healthcare officials in Sweden, Denmark,Italy and Germany have all expressed interest in hosting the EMAinstead of London, since firms in these countries are keen to belocated close to the region's key regulator.

CURRENCY IMPACT

The impact on profits of Britain's EU exit will be limitedfor many global drug manufacturers as the United States is byfar the largest market for prescription medicines and Asia isalso of growing importance.

GSK said it did not anticipate a material hit to itsbusiness -- and in the short term analysts expect it to enjoy anearnings boost from a weaker pound as overseas revenues aretranslated into sterling.

AstraZeneca, which reports in dollars, and Swissrival Roche won't enjoy such a currency lift but bothsaid it was vital that Britain continued to support the lifesciences industry in the wake of the referendum.

The pharmaceuticals industry employs more than 70,000 peoplein the UK and accounts for 25 percent of all business researchand development spending in the country.

Many scientists are concerned that funding for academicresearch, which has been well supported by the EU in recentdecades, will now be jeopardised, along with importantUK-European research collaborations.

"Now that the direction has been set to leave the EU, it iscrucial that the government develops clear plans to safeguardthe future of science and research in the UK," said RobertLechler, president of the Academy of Medical Sciences. (Additional reporting by Ludwig Burger in Frankfurt; Editing byKeith Weir)

More News
22 Jan 2024 17:08

Fate of most remaining Zantac lawsuits weighed by Delaware judge

Jan 22 (Reuters) - GSK, Pfizer and other pharmaceutical companies will urge a judge in Delaware this week to find that evidence plaintiffs' lawyers want to use in about 72,000 lawsuits claiming that the discontinued heartburn drug Zantac caused cancer is not supported by science.

Read more
22 Jan 2024 09:34

IN BRIEF: Oxford Nanopore appoints Keher to CFO as Cowper becomes COO

Oxford Nanopore Technologies - Oxford, England-based company specialising in nanopore DNA-sequencing - Appoints Nick Keher as chief financial officer and director, effective immediately. Keher will replace Tim Cowper as he moves into a new role as Oxford Nanopore's chief operating officer. The company says that Cowper has been performing the majority of COO duties for the past five years, and that he will lead the company's efforts to expand its international footprint. The company also says that new CFO Keher possesses "significant experience of financial leadership of complex, scientific businesses", having served in similar roles at Clinigen Group PLC, BenevolentAI SA, Royal Bank of Canada, Investec PLC and GSK PLC.

Read more
17 Jan 2024 09:38

UPDATE: GSK raises GBP978 million as cuts stake in Haleon to 4.2%

(Alliance News) - GSK PLC early Wednesday confirmed it agreed to sell 300 million shares in Haleon PLC, reducing its remaining stake in the consumer healthcare products spin-off to just 4.2%.

Read more
17 Jan 2024 08:05

GSK raises £978m through Haleon share sale

(Sharecast News) - GSK said on Wednesday that it has raised around £978m from the sale of shares in Haleon.

Read more
17 Jan 2024 07:46

LONDON BRIEFING: UK inflation surprises as unexpectedly rises to 4.0%

(Alliance News) - Stocks in London are called to open lower on Wednesday, following some hotter-than-expected consumer price data from the UK.

Read more
17 Jan 2024 07:31

GSK raises $1.24 bln from latest Haleon stake sale

Jan 17 (Reuters) - GSK has raised 978 million pounds ($1.24 billion) from a discounted sale of a stake in its spun-off consumer healthcare business Haleon, the British drugmaker said on Wednesday.

Read more
16 Jan 2024 17:04

GSK to sell GBP1 billion worth of Haleon shares as trims stake again

(Alliance News) - GSK PLC on Tuesday said it intends to sell around GBP1.00 billion worth of shares in Haleon PLC, as it continues to reduce its shareholding in the Weybridge, Surrey-based consumer healthcare spin-off.

Read more
16 Jan 2024 09:14

LONDON BROKER RATINGS: UBS raises GSK and cuts AstraZeneca

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

Read more
16 Jan 2024 08:15

UBS downgrades AstraZeneca to 'sell'

(Sharecast News) - UBS has downgraded AstraZeneca and upgraded rival GSK as part of its latest review of the European pharmaceutical sector.

Read more
16 Jan 2024 07:37

LONDON BRIEFING: UK jobless rate sticks at 4.2% but pay growth slows

(Alliance News) - Stocks in London are called to open lower on Tuesday, following data showing that the UK jobless rate was unchanged at 4.2% as pay growth slowed.

Read more
15 Jan 2024 08:42

Zantac fallout unfairly weighing on GSK, says Shore Capital

(Sharecast News) - Shore Capital has raised its target price and maintained a positive stance on biopharma giant GSK, saying that worries about the potential cost of Zantac litigation are unfairly weighing on the stock.

Read more
10 Jan 2024 09:35

LONDON BROKER RATINGS: BofA cuts Ashtead; UBS likes 3i Group

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
10 Jan 2024 08:25

GSK says Nucala gets green light in China for asthma treatment

(Alliance News) - GSK PLC on Wednesday said Nucala has been approved in China for the treatment of severe asthma.

Read more
10 Jan 2024 07:22

GSK's Nucala gets fresh approval in China

(Sharecast News) - GSK announced on Wednesday that the China National Medical Products Administration (NMPA) has granted approval for 'Nucala', or mepolizumab, as an add-on maintenance treatment for severe eosinophilic asthma in adults and adolescents aged 12 years and older.

Read more
9 Jan 2024 16:22

London close: Stocks finish red after choppy session

(Sharecast News) - London stocks had turned back into the red by the close on Tuesday, with recruitment firms and asset managers pacing the declines after some disappointing corporate updates.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.