The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just 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: 1,788.50
Bid: 1,700.00
Ask: 1,799.00
Change: 0.00 (0.00%)
Spread: 99.00 (5.824%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 1,788.50
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 3-U.S. citizen detained as China pharma probe spreads

Tue, 23rd Jul 2013 22:39

* U.S. citizen held amid widening China pharma probe

* Two more Chinese staff at AstraZeneca questioned

* 39 hospital staff to be punished for taking bribes-Xinhua

* Industry under scrutiny after bribery charges against GSK

* GSK reports second-quarter results at 1100 GMT

By Michael Martina

BEIJING, July 23 (Reuters) - A U.S. citizen has beendetained in China in connection with probes sparked by anunfolding corruption scandal in the drugs industry, as Chinawidens the range of international firms and staff under thespotlight.

Police have also questioned two more Chinese employees fromBritish drugmaker AstraZeneca in Shanghai, after a localsales representative was taken away for questioning earlier.

And China's Health Ministry said 39 hospital staff would bepunished for taking bribes from two drug companies. The firmsinvolved were not identified.

The unnamed American is the first U.S. citizen to bedetained in connection with the investigations, and the secondforeign national, after a British risk consultant linked withGlaxoSmithKline was held last week.

GSK, Britain's biggest drugmaker, has been accused by Chinaof funnelling up to 3 billion yuan ($489 million) to travelagencies to facilitate bribes to doctors and officials.

"We are aware that a U.S. citizen has been detained inShanghai. We are in contact with the individual and areproviding all appropriate consular assistance," U.S. embassyspokesman Nolan Barkhouse said on Tuesday, when asked about theinvolvement of U.S. citizens in the widening probe.

He declined to say which company the individual wasassociated with.

The latest moves by Chinese officials underline thecountry's tough stance on corruption and high prices in thepharmaceutical industry, as it unrolls wider healthcare accessand faces an estimated $1 trillion healthcare bill by 2020.

"Momentum is gathering and if you are a big internationalfirm, then you're a good example to be held up. This is awake-up call for the rest of the industry," said Jeremy Gordon,director of China Business Services, a risk management companyfocusing on China.

GSK Chief Executive Andrew Witty will detail what action thedrugmaker is taking in response to the bribery allegations whenhe presents quarterly results on Wednesday, sources familiarwith the matter have said. The results are due at 1100 GMT.

The company has called the bribery accusations "shameful"and on Monday said some of its Chinese executives appeared tohave broken the law.

AstraZeneca said the Shanghai Public Security Bureau hadasked on Tuesday to speak with two line managers linked to thesales representative questioned earlier.

"The Public Security Bureau is describing this as anindividual case. We have no reason to believe it is related toother investigations," the company said in a statement.

DOCTORS DISMISSED

Meanwhile, Chinese doctors and officials who are takingbribes are feeling the wrath of the authorities.

The official Xinhua news agency, citing a statement from theHealth Ministry on Tuesday, said 39 employees at a hospital insouthern Guangdong Province would be punished for taking illegalkickbacks, totalling 2.82 million yuan ($460,367), from twodrugmakers between January 2010 and December 2012.

"The vice chairman of the hospital's trade union and twopeople in charge of the two pharmaceutical companies involvedhave had their cases transferred to judicial organs, while ninedoctors who directly received kickbacks were dismissed,suspended or had their licences revoked," the report said.

Shanghai police detained British man Peter Humphrey earlierthis month. Humphrey runs an international business riskadvisory firm, ChinaWhys, that has worked with drug companies,including GSK, two people familiar with the situation said atthe weekend.

Chinese police have detained four Chinese executives fromGSK and the company's head of finance for China has also beenprevented from leaving China since the end of June.

Authorities have also visited the offices of Belgiandrugmaker UCB.

More News
13 Feb 2024 16:53

LONDON MARKET CLOSE: Stocks in red amid sticky US inflation data

(Alliance News) - Stock prices in London closed in the red on Tuesday, after a key US inflation reading came in hotter-than-expected.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 12:06

LONDON MARKET MIDDAY: Stocks fall but pound up before US data

(Alliance News) - Stock prices in London were on the decline on Tuesday afternoon, with sentiment tetchy ahead of a US inflation report later.

Read more
13 Feb 2024 09:45

Citi ups recommendation on GSK to 'buy'

(Sharecast News) - Citi has upgraded its rating on vaccines and drugs blue chip GSK to 'buy' while also boosting its earnings estimates.

Read more
13 Feb 2024 09:32

LONDON BROKER RATINGS: Citi lifts GSK; Shore likes XPS Pensions

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

Read more
13 Feb 2024 07:45

LONDON BRIEFING: "Record" Tui quarter; Ultimate Products eyes payouts

(Alliance News) - London's FTSE 100 is to open ever-so-slightly lower on Tuesday, with trade set to be nervy ahead of the afternoon's US inflation data.

Read more
12 Feb 2024 17:11

London close: Stocks finish higher after very quiet Monday

(Sharecast News) - London markets managed modest gains by the close of a subdued trading session on Monday, with no significant corporate or economic catalysts driving movements.

Read more
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

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.