focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar 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: 1,756.00
Bid: 1,753.00
Ask: 1,754.00
Change: -19.00 (-1.07%)
Spread: 1.00 (0.057%)
Open: 1,770.00
High: 1,770.00
Low: 1,740.00
Prev. Close: 1,775.00
GSK Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-GSK sends three executives to China to handle crisis

Fri, 19th Jul 2013 14:33

* Emerging markets head dispatched to country -source

* Joined by head of internal audit and senior legal official

* Bribery scandal threatens GSK reputation, Chinese business

By Ben Hirschler

LONDON, July 19 (Reuters) - GlaxoSmithKline has sentits head of emerging markets and two other top executives toChina to lead the drugmaker's response to an unfolding crisisover alleged bribery and corruption.

Abbas Hussain, GSK President Emerging Markets, wasdispatched by Chief Executive Andrew Witty, along with thegroup's global head of internal audit and a senior legalofficial, a person familiar with the matter said on Friday.

All three have now arrived in the country to cooperate withChinese authorities and try to get to the bottom of a scandalthat has shaken confidence in GSK's internal procedures.

On Monday, Chinese police accused GSK of bribing officialsand doctors to boost sales and raise the price of its medicinesin China. They said GSK transferred up to 3 billion yuan ($489million) to 700 travel agencies and consultancies over six yearsto facilitate the bribes.

The decision to send the executives shows the seriousnesswith which Britain's biggest drugmaker views a situation thatthreatens its reputation and risks undermining business in abig, fast-growing market.

GSK said it was deeply concerned by the allegations, whichit called "shameful".

The drugmaker has also hired auditors Ernst & Young to carryout an independent review of its systems in China, anothersource said on Wednesday.

China has detained four senior Chinese executives and bannedGSK's finance chief in China, Steve Nechelput, from leaving thecountry.

The episode has left GSK's senior management team in Chinain disarray, with the general manager for China, Mark Reilly,leaving the country on July 5 for what sources said were routinemeetings in London. Reilly has not returned.

Hussain is a key lieutenant of GSK's chief executive,reflecting the importance that Witty places on emerging marketsas future driver of sales for GSK. He joined in June 2008 and isa member of the corporate executive team.

GSK's move to send senior-level reinforcements to Chinacomes as Chinese authorities widen a probe into malpractice bydrug companies.

BELGIUM'S UCB VISITED BY OFFICIALS

Belgian drugmaker UCB - a medium-sized company witha particular strength in epilepsy treatment - said on Thursdayits office in Shanghai had been visited by officials from theState Administration for Industry and Commerce (SAIC) seekinginformation on compliance.

The SAIC is one of China's main three anti-trust regulatorsin charge of market supervision.

The tough Chinese action against GSK, including thedetention of four senior Chinese executives and a ban on a topBritish executive leaving the country, has sent a chill throughthe wider pharmaceutical sector.

There has been widespread speculation that othermultinational companies will be drawn into the corruptioninvestigations.

"This is not just GSK. The entire industry is on a journeyhere," one European drug industry executive said.

The GSK investigation is the highest-profile corporate probein China since four executives from mining giant Rio Tinto were jailed in March 2010 for taking bribes andstealing commercial secrets. Three of those executives wereChinese while the fourth was a Chinese-born Australian.

Beijing has targeted corporations on multiple fronts in thepast few months, including over alleged price-fixing, qualitycontrols and consumer rights.

European food groups Nestle and Danone said they would cut infant milk formula prices in China afterBeijing launched an inquiry into the industry.

And on Friday the official People's Daily newspaper reportedthe Chow Tai Fook Jewellery Group, the world's biggestjewellery retailer by market value, was among a number of goldshops being probed for price fixing.

More News
Today 11:23

AstraZeneca aims for $80 bln in total revenue by 2030

Sees $80 bln in 2030 revenue by 2030

*

Read more
Today 08:49

GSK's depemokimab asthma treatment meets endpoints in latest trials

(Alliance News) - GSK PLC on Tuesday announced positive results from trials of depemokimab, an "ultra-long-acting biologic" that could simplify treatment options for patients with severe asthma.

Read more
Today 07:21

GSK reports promising results from asthma treatment trials

(Sharecast News) - GSK announced promising results from phase three clinical trials evaluating the efficacy and safety of depemokimab in treating severe asthma with type 2 inflammation on Tuesday.

Read more
20 May 2024 16:11

IN BRIEF: GSK executive buys GBP20,026 worth shares

GSK PLC - London-based pharmaceuticals firm - Senior Vice President, Global Communications & Chief Executive Office, Sally Jackson, buys 1,120 shares at 1,788 pence each. Worth total GBP20,026.

Read more
17 May 2024 17:38

London's FTSE nudges lower for week after record run

Haleon falls after GSK offloads remaining stake

*

Read more
17 May 2024 15:52

London close: Stocks recoup some earlier losses

(Sharecast News) - London stocks remained in negative territory by Friday's close, although they managed to recoup some of the losses seen earlier in the session as Wall Street opened with positive momentum.

Read more
17 May 2024 11:52

LONDON MARKET MIDDAY: FTSE 100 slides; Eurozone inflation steady

(Alliance News) - Stock prices in London were lacklustre at midday on Friday, as investors eye the trajectory of interest rates across the globe.

Read more
17 May 2024 09:03

TOP NEWS: GSK sells remaining Haleon stake for GBP1.25 billion

(Alliance News) - GSK PLC on Friday said it has sold its remaining shares in Haleon PLC, marking a total exit from its consumer healthcare spin-off.

Read more
17 May 2024 08:56

LONDON MARKET OPEN: FTSE 100 lacklustre as Wall Street rally ends

(Alliance News) - Stock prices in London opened lower on Friday, after Thursday saw Wall Street's rally end in a record breaking session.

Read more
17 May 2024 08:39

GSK raises $1.5 bln from sale of remaining Haleon stake

May 17 (Reuters) - British drugmaker GSK has raised 1.25 billion pounds ($1.52 billion) from a sale of its remaining stake in consumer healthcare company Haleon to institutional investors.

Read more
17 May 2024 07:42

LONDON BRIEFING: Land Securities ups dividend; GSK sells Haleon stake

(Alliance News) - Stocks in London are called to open lower, as investors wait for an inflation reading from the eurozone later this morning.

Read more
17 May 2024 07:29

GSK raises £1.25bn from sale of remaining Haleon stake

(Sharecast News) - GSK said on Friday that it has sold its remaining 4.2% stake in consumer health business Haleon, which it spun off in July 2022.

Read more
16 May 2024 17:33

FTSE 100 ends lower on disappointing corporate updates, BT Group soars

BT Group up after CEO aims for more than double free cash flow

*

Read more
16 May 2024 17:13

TOP NEWS: GSK to sell remaining holding in spin-off Haleon

(Alliance News) - GSK PLC on Thursday said it intends to sell its remaining stake in Haleon PLC, the consumer healthcare firm it spun out almost two years ago.

Read more
16 May 2024 17:02

GSK to sell entire 4.2% remaining stake in Haleon

(Sharecast News) - GSK said on Thursday that it plans to sell its entire remaining 4.2% stake in Haleon.

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.