glaxosmithkline plc-spon adr (GSK) Key Developments
GlaxoSmithKline Announces Earnings Results for the First Half of 2014
Dec 5 14
GlaxoSmithKline announced earnings results for the first half of 2014. The company's sales in the first half of 2014 were worse than expected after revealing a turnover of 5.6 billion, down 4% from the same time last year, and core earnings down 12%.
GlaxoSmithKline PLC to Cut Hundreds of US Jobs
Dec 4 14
GlaxoSmithKline PLC's 17,000 U.S.-based employees will lose their jobs by the end of next year under the pharmaceutical industry's latest restructuring. The company announced it will eliminate about 900 jobs in marketing and research in Research Triangle Park, North Carolina, though some cuts will be made through a hiring freeze and not filling vacant positions. Some positions will be shifted to the company's U.S. headquarters in Philadelphia.
GlaxoSmithKline Drops Plans To Sell Older Drugs Business
Dec 4 14
GlaxoSmithKline plc (LSE:GSK) said that it had decided not to sell a portfolio of older drugs marketed in North America and Europe after considering offers from potential buyers. GlaxoSmithKline said, "The company has evaluated all bids received and has concluded, consistent with its key criteria of maximising shareholder value, not to pursue divestment of these products." A spokesman for GSK, which was being advised on the disposal by Lazard, declined to give any more details. The sources told Reuters that bidders, who had been hoping to clinch a deal before the end of 2014, included Apollo Global Management, LLC, H. Lundbeck A/S (CPSE:LUN), and KKR & Co. L.P. (NYSE:KKR), which teamed up with Norgine Pharmaceuticals Limited.
GlaxoSmithKline to Invest USD 50.6 Million in its Business in Brazil
Dec 3 14
GlaxoSmithKline has announced investment of BRL 130 million (USD 50.6 million) in its main facility in Brazil that is located in Rio de Janeiro. The investment will go towards the expansion of the facility and the acquisition of new equipment, with the aim of strengthening the production capacity of the Rio de Janeiro facility.
GlaxoSmithKline plc Returns Rights to Lupus Candidate DV1179 to Dynavax Technologies
Dec 1 14
Dynavax Technologies has announced that following the expiry of a research and development (R&D) and licence agreement with GlaxoSmithKline it has regained all rights to the systemic lupus erythematosus (SLE) candidate DV1179. DV1179 is a first-in-class investigational toll-like receptor 7 and 9 (TLR7/9) inhibitor that failed to meet the pharmacodynamic endpoints as measured by a reduction in interferon alpha-regulated genes in a Phase Ib/IIa study in patients with SLE. Consequently, GSK declined to exercise its option to licence the candidate.