New Delhi, Feb 20 : The Cabinet Committee on Economic Affairs Thursday approved a proposal of GlaxoSmithKline Pte Limited, Singapore, to acquire 24.33 percent in the subsidiary company of the GSK Group in India.
The approval would result in foreign investment of around Rs. 6,390 crore in the country.
The acquisition would be made by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector, said an official release. (IANS)
British drug maker GlaxoSmithKline (GSK) has decided to put an end to two very common controversial industry practices - paying doctors to promote the company's products and tying sales representatives' compensation to the number of prescriptions doctors write.
GSK Chief Executive Andrew Witty confirmed on Tuesday that the company would stop paying doctors for promoting its products and also stop tying representative's compensation to number of prescriptions doctors write.
U. K.-based pharmaceuticals giant GlaxoSmithKline Plc (GSK) on Monday confirmed that it would invest nearly $1 billion (Rs 6,389 crore) to increase its stake in its Indian arm.
GSK announced that it would acquire more than 2.06 crore shares or nearly 24.33 per cent stake in GlaxoSmithKline Pharmaceuticals Ltd (GSK Pharma) at a price of Rs 3,100 per share through an open offer.
Pharmaceutical giant, Glaxo has said that it sales has fallen by a disappointing 61 per cent in China during the third quarter as the company faces a massive investigation into bribery in the country.
Britain's biggest drugmaker's business has been impacted due to the ongoing investigation into its business by the authorities in China. The crisis in China affected its turnover to be below market expectations at £6,610 million. The company's third quarter core earnings per share (EPS) was recorded at 28.9p and the company expects the EPS to grow around 3-4 per cent on a constant exchange rates basis.
Authorities in China have released more information about the accusations against GlaxoSmithKline relating to bribery and corruption in China.
British drugs giant, GlaxoSmithKline (GSK) has reportedly admitted to the Chinese authorities that some of its executives might have broken the law in China.
Three senior level management officials of GlaxoSmithKline are now in China to prepare a response to the allegations of bribery and corruption in the country.
UK's largest drug-maker, GlaxoSmithKline (GSK) has infused more capital in its Indian subsidiary to increase its stake from 43.2 per cent to 72.5 per cent.
The additional investment in the Indian unit indicates that the company is looking to expand its presence in the emerging Indian market. David Redfern, GSK's chief strategy officer pointed out that the move will allow the company to increase its exposure to the Indian market.
London-listed pharmaceutical & healthcare giant GlaxoSmithKline (GSK) Plc has announced a $940-million (Rs 5,220-crore) open offer to raise its stake in its Indian subsidiary GlaxoSmithKline Consumer Healthcare.
On Monday, GlaxoSmithKline Plc announced that it wanted to acquire up to 13,389,410 shares of GlaxoSmithKline Consumer Healthcare, increasing its stake in the company by 31.8 per cent, from 43.2 per cent to 75 per cent.
The open offer represents a premium of 28 per cent to Friday's closing price of the stock.
Healthcare and drug major, GlaxoSmithKline has said that it is planning to increase its stake in its Indian subsidiary, GlaxoSmithKline Consumer Healthcare.
The UK based parent company is planning to increase its stake to upto 75 percent that this could involve an infusion of Rs 5,220 crore. It has made an open offer to acquire additional 31.8 per cent stake in the Indian unit. The company currently holds from 43.2 percent stake in the unit.
GlaxoSmithKline Pharmaceuticals Ltd has reported a fall of 7.6 per cent in net profit at Rs 145.86 crore in the second quarter of the year compared to Rs 157 crore a year ago.
The sales of the Indian firm of the Indian unit of British drug maker grew 4.47 per cent to Rs 607.56 crore even as net sales of the company’s pharmaceutical business grew
6.5% during the quarter.
Pharmaceutical Company, GlaxoSmithKlines has declared that it is making a provision of £2.2 billion through which it will be paying for all the legal costs pertaining to its diabetes drug Avandia.
It also said that all the legal charges are going to be put up on the final quarter results of 2010; and if that happens then the whole profit for the quarter is going to be wiped out.
Washington, Oct 27: British pharmaceutical giant GlaxoSmithKline (GSK) will pay $750 million to settle a US government lawsuit related to the manufacture and sale of adulterated drugs, the US Justice Department said Tuesday.
GSK was accused of manufacturing and selling certain adulterated drugs that were made at its now-closed facility in Cidra, Puerto Rico.
Among the 20 affected drugs were anti-depressant Paxil CR, diabetes treatment Avandamet, anti-nausea medication Kytril and an ointment for skin infections Bactroban.
Leading pharma firm of the country, GlaxoSmithKline Pharmaceuticals (GSK) has declared its June quarter financial results for the fiscal year 2010-11. The company has reported to register a marginal net profit rise in the quarter under review.
GlaxoSmithKline Pharmaceuticals has posted a net profit of Rs 129 crore during the April-June quarter of fiscal year 2010-11. The company has registered a net profit of Rs 124.35 crore in the corresponding quarter in the previous year.
Multinational drug-maker GlaxoSmithKline Pharmaceuticals Ltd. has decided to invest more to support its growth. The leading pharmaceutical company is expected to increase its expenses towards its sales growth and promotional efforts.
However, the company's forth quarter financial report has been quite impressive and it has managed to register reasonable amount of net profit as well as net revenue. The company has seen a remarkable 28% growth in the net sales growth for the first quarter of 2010.
The row between Glenmark Pharmaceuticals Ltd. and GlaxoSmithKline (GSK) has come to a resolve, a statement said on Monday. The conflict which was covering patent actions regarding the usage of GSK's Malarone, malaria treatment tablets, finally came to an end with the settlement of the litigations.
Malarone is a generic version from GSK and it had filed a suit against Glenmark.
The two global pharmaceutical majors Glenmark Pharmaceuticals and GlaxoSmithKline LLC have recently announced that the duo have settled its patent issues over the doses of atovaquone and proguanil hydrochloride drug, the generic version of GSK's Malarone malaria treatment tablets.
In fact, according to the terms and conditions of the deal, Glenmark Generics will be able to market and distribute the generic version of Malarone tablets across various markets.
The World' second largest pharmaceutical company GlaxoSmithKline (GSK) has announced that it will slash its retail prices for various medicines in India. The strategy behind this price cut in its drugs is to furnish to the lower-income group in the country.
The U. S. Senate Finance Committee has issued a 334-page report, which showed a connection between Avandia, the Type 2 diabetes drug, and thousands of heart failures.
The committee's statement, which analyzed over 250,000 pages of documents provided by GlaxoSmithKline, the USFDA and research institutes, also criticized the FDA for disregarding safety fears regarding the drug brought up by its team.
According to reports, confidential analyzes showed FDA functionaries suggested Avandia be removed from the market owing to the heart failure risk.
Mumbai, Dec 11 : Consumer healthcare company GlaxoSmithkline Friday said it had "temporarily" suspended operations at one of its factories located in Dowlaiswaram, Andhra Pradesh on account of disturbances over the proposed division of the state.
"The management of GlaxoSmithkline Consumer Healthcare has decided to suspend operations temporarily at one of its factory located at Industrial Estate Dowlaiswaram, in the interest of safety of its employees and to protect the assets of the company," it said in a statement.