We would love to hear your thoughts about our site and services, please take our survey 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: 1,673.00
Bid: 1,674.00
Ask: 1,675.00
Change: 3.00 (0.18%)
Spread: 1.00 (0.06%)
Open: 1,661.50
High: 1,679.50
Low: 1,658.50
Prev. Close: 1,670.00
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
18 Dec 2023 07:55

LONDON BRIEFING: Games Workshop seals Amazon deal for Warhammer 40,000

(Alliance News) - Stocks in London were set to retreat slightly on Monday, in line with equity markets in Asia, at the start of the last week before the Christmas holidays.

Read more
18 Dec 2023 07:18

GSK sees success in Jemperli endometrial cancer trial

(Sharecast News) - GSK released positive headline results from the planned analysis of its trial of Jemperli in endometrial cancer on Monday.

Read more
17 Dec 2023 15:16

PRESS: GSK looks for deals in China as rebuilds relationship

(Alliance News) - The Financial Times on Sunday reported that GSK PLC is looking for some new deals in China.

Read more
15 Dec 2023 17:08

European shares end fifth week higher on rate-cut optimism

Barclays sees first ECB rate cut in April

*

Read more
15 Dec 2023 16:51

LONDON MARKET CLOSE: FTSE 100 underperforms as post-Fed rally cools

(Alliance News) - London's FTSE 100 ended lower on Friday, with profit-taking and some hawkish words from a US policymaker keeping equities in check at the end of a largely positive week for stocks.

Read more
15 Dec 2023 16:29

PRESS: GSK, Astra and AbbVie in US scrutiny over patents - Bloomberg

(Alliance News) - A US senator has accused AstraZeneca PLC, GSK PLC, AbbVie Inc and other drugmakers of "abusing" the patent system to send prices higher, Bloomberg reported on Thursday.

Read more
12 Dec 2023 10:08

AstraZeneca buys respiratory vaccine developer Icosavax in $1.1 bln deal

Dec 12 (Reuters) - AstraZeneca said on Tuesday it had agreed to buy respiratory syncytial virus (RSV) vaccine developer Icosavax in a deal valued at up to $1.1 billion.

Read more
12 Dec 2023 08:22

TOP NEWS: Japan accepts GSK's filing for respiratory disease vaccine

(Alliance News) - GSK PLC on Tuesday said Japan's Ministry of Health, Labour & Welfare has accepted its regulatory application for the extension of its respiratory syncytial virus vaccine, Arexvy, for adults aged 50-59.

Read more
12 Dec 2023 07:39

LONDON BRIEFING: UK unemployment unchanged at 4.2%; eyes on US CPI

(Alliance News) - Stocks in London are called to open higher, as investors digest the latest UK unemployment data, before turning their heads to US inflation.

Read more
12 Dec 2023 07:24

GSK seeks to extend RSV vaccine approval in Japan

(Sharecast News) - GSK announced on Tuesday that Japan's Ministry of Health, Labour and Welfare (MHLW) has accepted its regulatory application for the extension of the indication of its RSV vaccine to include adults aged 50- to 59 at an increased risk of contracting the disease.

Read more
11 Dec 2023 08:28

GSK drug gets EU marketing backing for form of endometrial cancer

(Alliance News) - GSK PLC on Monday said it won EU backing for its Jemperli drug in tandem with chemotherapy to treat a form of endometrial cancer.

Read more
11 Dec 2023 07:41

LONDON BRIEFING: GSK drug gets EU endorsement; Begbies backs outlook

(Alliance News) - London's FTSE 100 is called to open a touch lower on Monday, kicking off the week with some slight trepidation after Friday's hotter-than-expected US jobs report which offered the dollar some respite.

Read more
11 Dec 2023 07:23

GSK endometrial cancer treatment gets Europe authorisation

(Sharecast News) - GSK announced on Monday that the European Commission has granted marketing authorisation for 'Jemperli', or dostarlimab, in combination with chemotherapy for certain endometrial cancers.

Read more
7 Dec 2023 12:54

THG backer Kelso pushes for demerger to trim "inherent" valuation gap

(Alliance News) - THG PLC investor Kelso Group Holdings PLC on Thursday reiterated its call for a demerger, which the shareholder believes will help close the "disparity" between the e-commerce firm's share price and its true value.

Read more
5 Dec 2023 10:02

LONDON BROKER RATINGS: Goldman lifts Landsec and British Land

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

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.