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Appointment catapults pharma executive into leading role in US healthcare industry
...(NYT) Scandal taints Japan Inc Japan’s elite manufacturers — Kobe Steel, Mitsubishi Materials and Subaru, among others — were thought to be models of elite efficiency....
...Nor have Glaxo and SmithKline Beecham. Telecoms groups have long claimed they need mergers to compete — most recently in the US and Europe....
...Drugmakers have been at loggerheads with Nice since its first ruling 17 years ago prompted a veiled threat by Glaxo to quit the UK, saying the decision called “into question the suitability of the UK as...
...Together, these and a series of other deals have created the most vigorous period of mergers and acquisitions among drugmakers since the turn of the century, when Pfizer bought Warner-Lambert and Glaxo Wellcome...
...A veteran of the pharmaceuticals industry, he experienced a big merger while working for SmithKline Beecham when it combined with Glaxo Wellcome in 2000....
...Some investors and doctors have interpreted Glaxo’s decision to drop the drug as a sign that it has lost confidence in the compound, although supporters of the medicine say it fell victim to cost-cutting...
...That was what happened in the last big round of consolidation, around the turn of the millennium, through Glaxo Wellcome’s merger with SmithKline Beecham and Pfizer’s with Warner-Lambert and Wyeth....
...Megamergers such as Pfizer’s $90bn takeover of Warner-Lambert in 1999 and SmithKline’s $72bn merger with Glaxo had struggled to produce growth....
...When Burroughs-Wellcome merged in 1995 with Glaxo, another UK company with an early HIV treatment, the combined group became the undisputed market leader....
...Assuming a 45 per cent premium to Glaxo’s current valuation, Pfizer would need to find $74bn in cash to fund a $164bn offer for GSK, said the broker, adding: “This is perhaps a stretch, but not totally unrealistic...
...The results follow a disappointment for Glaxo last September, when it noted the MAGE-A3 vaccine failed to meet primary end-points in the treatment of skin cancer....
...This discovery prompted another British company, Glaxo, to focus research in the same area. The product of that research was Zantac, for a time the world’s best-selling drug....
...One of them, Affymax, was bought by Glaxo of the UK for $533m in 1995....
...Meanwhile, the UK’s Serious Fraud Office is in the preliminary stages of reviewing the bribery allegations Glaxo faces in China, the WSJ says citing people familiar with the matter, based on both an anonymous...
...Glaxo asked Duke University to review a study that the company said showed no increase in heart attacks for Avandia patients, and Duke largely confirmed the company’s view....
...“For us it is really the start because, yes, we are a big company …but in pharmaceutical terms, we’re small, compared to Glaxo and Merck.”...
...the world’s biggest maker of vaccines, will slash the price of polio immunization and introduce shots for diarrhea and pneumonia, undercutting Pfizer Inc. and GlaxoSmithKline Plc. http://bloom.bg/WRxBao...
...During the period, Glaxo’s consumer health-care unit recorded ₤3.9bn in sales, or 19 per cent of global revenue....
...There are plenty of amazingly safe corporate bonds to own but who gets rich when Glaxo and Diageo can issue 5 year debt that pays 1.5% annual interest?...
...(Wall Street Journal) - The other Glaxo drug controversy: Advair/Seretide. (Wall Street Journal) - Gillian Tett: The ‘summer curse’ could strike this year....
...So, peculiar though it might look on paper, this is the melange of businesses with which he plans to fabricate an Indian rival to Glaxo or AstraZeneca....
...Cowen analysts doubted the tale, commenting: “More than any company we follow, Glaxo has a strong philosophy against buying its partners.”...
...Analyst Andrew Baum, formerly a top rated pharma analyst at Morgan Stanley, said markets had undervalued Glaxo’s operating leverage, its recently derisked balance sheet, and the potential from long-term...
...Halving the sales forecast would cut Glaxo’s earnings a share by 2 per cent, it said....
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