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(Alliance News) - The Financial Times on Sunday reported that GSK PLC is looking for some new deals in China.
According to the FT, the Brentford, West London-based pharmaceutical maker is on the hunt for deals in China, after GSK rebuilt a "very strong" relationship with the government and local companies since a corruption scandal a decade ago.
Chief Commercial Officer Luke Miels told the FT that the company was working on further deals with Chinese companies after it signed a licensing agreement in October worth up to USD1.5 billion for a cancer drug developed by Hansoh Pharmaceutical Group Co Ltd.
Miels said that the country's high standards of chemistry made it a good hunting ground. "You can find molecules in China and [often] the Chinese companies just want the [domestic] rights so you can negotiate . . . [to] take it globally."
In 2014, GSK was fined GBP300 million in China. It also dismissed more than 100 staff.
Miels said that the pharmaceutical company has since "rebuilt" its business in China.
"So you have to tread carefully anywhere, you're in a regulated industry, but I don't think it's something that is in the forefront for us now," he said. "Our relationship with the government, with local companies, is very strong. I think we've moved, we've changed the team, we've got a good record in China," he said.
https://www.ft.com/content/fbeb83e5-1880-4a9a-92fe-f57032760338
GSK shares closed down 2.8% at 1,420.40 pence each in London on Friday.
By Sophie Rose, Alliance News senior reporter
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