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: 1,746.50
Bid: 1,742.50
Ask: 1,743.00
Change: 6.50 (0.37%)
Spread: 0.50 (0.029%)
Open: 1,730.00
High: 1,746.50
Low: 1,729.00
Prev. Close: 1,740.00
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
12 Feb 2024 12:04

LONDON MARKET MIDDAY: FTSE 100 underperforms as European peers rise

(Alliance News) - London's FTSE 100 underwhelmed on Monday, with some of its largest constituents pulling it lower, while indices in Europe were on the up on favourable comments on interest rate cuts by a European Central Bank official.

Read more
12 Feb 2024 08:35

TOP NEWS: GSK's bepirovirsen receives US FDA fast track designation

(Alliance News) - GSK PLC on Monday said that the US health watchdog granted fast track designation for its bepirovirsen treatment for chronic hepatitis B.

Read more
12 Feb 2024 07:50

LONDON BRIEFING: Tritax Big Box, UK Commercial Property agree merger

(Alliance News) - Equities in London are called to open higher on Monday, with inflation readings from the US and UK on the horizon, which could drive equity market sentiment during the remainder of the week.

Read more
12 Feb 2024 07:21

GSK gets FDA fast track for chronic hepatitis B treatment

(Sharecast News) - GSK announced on Monday that bepirovirsen, an investigational antisense oligonucleotide (ASO) aimed at treating chronic hepatitis B (CHB), had been granted fast track designation by the US Food and Drug Administration (FDA).

Read more
9 Feb 2024 09:15

LONDON BROKER RATINGS: Deutsche Bank cuts AstraZeneca to 'sell'

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

Read more
6 Feb 2024 08:51

TOP NEWS: GSK reports positive news on trio of high profile products

(Alliance News) - GSK PLC on Tuesday delivered a triple dose of positive updates on some of its leading products, Arexvy, Shingrix and Blencep.

Read more
6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

Read more
6 Feb 2024 07:23

GSK reports positive myeloma trial results, progresses vaccine applications

(Sharecast News) - GSK reported progress in its trial of a myeloma treatment on Tuesday, as well as regulatory progress around its shingles vaccine in China and its RSV vaccine in the United States.

Read more
1 Feb 2024 09:27

TOP NEWS: GSK maintains "vigorous" defence after settling Zantac case

(Alliance News) - GSK PLC on Thursday insisted upon its scientific integrity, after reaching another settlement in ongoing litigation over alleged links between its heartburn drug and cancer.

Read more
1 Feb 2024 09:11

GSK settles Zantac case in California without admitting liability

(Sharecast News) - GSK announced on Thursday that it had reached a confidential settlement to effectively resolve the legal case over Zantac filed in a California state court.

Read more
1 Feb 2024 09:03

LONDON BROKER RATINGS: Barclays cuts Next; JPMorgan raises easyJet

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

Read more
1 Feb 2024 07:42

LONDON BRIEFING: Shell profit falls; announces USD3.5 billion buyback

(Alliance News) - Stocks in London are set to follow New York into the red, after the US Federal Reserve quashed hopes of a March cut to interest rates and ahead of the Bank of England interest rate decision.

Read more
31 Jan 2024 17:05

LONDON MARKET CLOSE: Stocks mixed hours before expected US Fed hold

(Alliance News) - Stock prices in London closed mixed on Wednesday in a trade-thinned day ahead of the US Federal Reserve interest rate decision this evening.

Read more
31 Jan 2024 15:49

London close: Stocks mixed ahead of US Fed, BoE decisions

(Sharecast News) - London's financial markets finished with mixed performance on Wednesday, with investors closing their wallets ahead of rate announcements from both the US Federal Reserve and the Bank of England.

Read more
31 Jan 2024 12:05

LONDON MARKET MIDDAY: FTSE 100 flat ahead of Federal Reserve decision

(Alliance News) - The FTSE 100 in London was flat heading into Wednesday afternoon, as the US Federal Reserve's latest interest rate decision edges closer, keeping equity market enthusiasm to a minimum.

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.