Key Developments: GlaxoSmithKline PLC (GSK)

GSK on New York Consolidated

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17 Apr 2015
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Latest Key Developments (Source: Significant Developments)

GlaxosmithKline Plc and Johnson & Johnson settle U.S. lawsuit over allergy ads - Reuters
Monday, 30 Mar 2015 10:21pm EDT 

GlaxosmithKline Plc:Agrees to settle a lawsuit by Johnson & Johnson accusing it of using false advertising at the start of the U.S. allergy season to grab market share - Reuters.The settlement was disclosed during a hearing in Manhattan federal court on March 30 in which two Johnson & Johnson units were expected to ask a judge to block Glaxo from making various claims about its allergy nasal spray Flonase.The terms were confidential.J&J units McNeil-PPC Inc and McNeil Consumer Healthcare filed the lawsuit on March 12, accusing Glaxo of making unsupported claims about Flonase at the expense of McNeil's drugs Benadryl and Zyrtec.  Full Article

GlaxosmithKline Plc completes partial sale of Aspen Pharmacare Holdings Ltd
Friday, 13 Mar 2015 03:00am EDT 

GlaxosmithKline Plc:Has agreed to sale of 28.2 mln ordinary shares in Aspen Pharmacare Holdings Ltd at a price of 372 South African rand per share , raising gross proceeds of about 10.5 bln South African rand.Following settlement of sale, it will hold 28.2 mln ordinary shares in Aspen Pharmacare Holdings Ltd, representing about 6.2 pct of issued share capital.Says gross proceeds of transaction are equivalent to 574 mln pounds at the prevailing exchange rate on March 12.Says proceeds from the transaction will be used for general corporate purposes.  Full Article

GlaxoSmithKline Plc intends to sell part holding in Aspen Pharmacare Holdings
Thursday, 12 Mar 2015 11:14am EDT 

GlaxoSmithKline Plc:Intends to sell about half of its 12.4 pct stake in Aspen Pharmacare Holdings Ltd.Says disposal will be through a placing of ordinary shares in Aspen to institutional investors.Offering is expected to comprise 28.2 mln Aspen ordinary shares equivalent to c.6.2 pct of Aspen's issued share capital.Offer price will be determined by means of an accelerated bookbuild offering process which is to start immediately.  Full Article

GlaxoSmithKline Plc sacks 110 China staff in wake of drug bribery case - Reuters
Friday, 6 Mar 2015 02:07pm EST 

GlaxoSmithKline Plc:Which was fined 3 bln yuan ($479 mln) in China last year for bribery, is dismissing 110 employees in the country for misconduct - Reuters.The company confirmed it had taken disciplinary action against staff whose conduct contravened its values and code of conduct but declined to specify the number involved.The misconduct took place before mid-2013, GSK added in a statement.The dismissals follow detailed investigations into wrongdoing by employees in the wake of the corruption scandal.The company's annual report, published last week, had already revealed that the number disciplinary cases against staff in China jumped to 652 in 2014 from 48 in 2013.Chinese police first accused GSK of bribery in July 2013, alleging the firm had funneled as much as 3 bln yuan to travel agencies to facilitate bribes to doctors and officials.  Full Article

Sun Pharmaceutical Industries Ltd to buy GlaxoSmithKline Plc Opiates business in Australia
Monday, 2 Mar 2015 09:48pm EST 

GlaxoSmithKline Plc and Sun Pharmaceutical Industries Ltd:Announced that their respective wholly owned subsidiaries have reached an agreement related to GSK's Opiates business in Australia.Current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma.Product portfolio consists of poppy-derived opiate raw materials that are primarily used in manufacture of analgesics for treatment of moderate to severe pain.Says that all employees from both sites will also be offered employment by Sun with the Opiates business.Financial terms of transaction are confidential.Transaction is expected to close by Aug.  Full Article

Glaxosmithkline plc completes major three-part transaction
Monday, 2 Mar 2015 02:00am EST 

Glaxosmithkline plc:Completes it's three-part transaction with Novartis.Says it has acquired Novartis's global Vaccines business (excluding influenza vaccines) for an initial cash consideration of $5.25 bln.Says it has created consumer healthcare joint venture with Novartis in which GSK will have majority control and an equity interest of 63.5 pct and has divested it's Oncology business for an aggregate cash consideration of $16 bln.Says net after tax proceeds of transaction received by GSK estimated to be $7.8 bln.Under the terms of transaction, up to $1.5 bln of that purchase price may have to be returned to Novartis if certain conditions relating to the COMBI-d Trial are not met.GSK plans to use transaction proceeds to fund full amount of the previously announced capital return of 4 bln Euros to shareholders.  Full Article

GlaxosmithKline Plc and Theravance Inc announce start of Phase III lung function study with 'closed' triple combination treatment FF/UMEC/VI for COPD
Monday, 9 Feb 2015 05:12am EST 

GlaxosmithKline Plc and Theravance Inc:Says start of second global phase III study.To evaluate effects of investigational once-daily closed triple combination of fluticasone furoate/umeclidinium/vilanterol (FF/UMEC/VI) in patients with chronic obstructive pulmonary disease (COPD).Secondary objectives include investigating effect on rate of exacerbations with FF/UMEC/VI compared with budesonide/formoterol, and the safety profile of FF/UMEC/VI compared with budesonide/formoterol.Adverse events of particular interest include pneumonia and cardiovascular risk. Patient perspectives of efficacy and physical activity will also be evaluated versus budesonide/formoterol.First, larger study in phase III programme, known as IMPACT, started in July 2014.To assess whether FF/UMEC/VI can reduce rate of moderate and severe exacerbations compared with two approved once-daily COPD treatments, Relvar/Breo Ellipta, an ICS/LABA combination, and Anoro Ellipta, LAMA/LABA combination.  Full Article

Glaxosmithkline Plc to lay off 27 Hamilton employees, job service prepared - NBC Montana
Friday, 6 Feb 2015 11:01pm EST 

Glaxosmithkline Plc:GlaxoSmithKline will close the vaccine research and development branch of its Hamilton operation sometime this year.The closure means 27 employees, including chemists, biologists and immunologists, will lose their jobs.That the layoffs are part of a $1.5 billion global restructuring program.The company will be consolidating three vaccine research and development groups in North America into one as part of a cost saving effort.Steele says the job service has handled layoffs ranging from 20 to 30 workers, to more than 100.  Full Article

Glaxosmithkline Plc announces positive results from phase III COMBI-d study
Friday, 6 Feb 2015 02:00am EST 

Glaxosmithkline Plc:Says overall survival results from COMBI-d which demonstrate a statistically reduction in the risk of death for the combination of dabrafenib (Tafinlar) and trametinib (Mekinist) compared to dabrafenib monotherapy in patients with BRAF V600E/K mutation-positive metastatic melanoma.The safety profile was consistent with the profile observed to date for the combination; no new safety concerns were observed.Completion of this study is a post-marketing requirement for the FDA's accelerated approval for the combination in the USA.The final data from COMBI-d will be submitted to regulatory authorities for review in the coming months.  Full Article

Glaxosmithkline announces completion of accelerated bookbuild offering
Thursday, 5 Feb 2015 02:00am EST 

Glaxosmithkline PLC:Agrees the sale of 4,471,202 shares in Genmab, which represents GSK's entire shareholding of about 7.9 pct of the share capital of Genmab.Final offer price was set at DKK 430.00 per share, with gross proceeds equal to DKK 1,923 mln, equivalent to about 194 mln pounds at the prevailing exchange rate of 9.92 DKK for 1 pound.Deutsche Bank AG, London Branch acted as Sole Bookrunner for the Placing.  Full Article

Firms' dispute over Avandia co-counsel fees headed to trial

- A federal judge on Tuesday ordered a trial to determine whether a Kansas law firm must arbitrate its claims against a California firm stemming from a fee-sharing agreement for litigation involving the diabetes drug Avandia.

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