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Home Industry News GlaxoSmithKline sells Quest Diagnostics shares

GlaxoSmithKline sells Quest Diagnostics shares

20th March 2009

GlaxoSmithKline (GSK) has sold a number of Quest Diagnostics shares as part of a gradual reduction of the former’s holding in the latter.

The transaction of 5,749,157 units of common stock sold – at a value of $0.01 (0.006 pounds) each – was achieved partly under Rule 144 of the Securities Act of 1933.

It was also accomplished through a sale directly to Quest Diagnostics. The company had recently expanded its share repurchase programme which GlaxoSmithKline (GSK) wanted to take advantage of.

GSK now holds around 16.5 per cent of the issued share capital of Quest Diagnostics, equating to 30,755,151 units of common stock. The total value is approximately $1.36 billion.

Earlier this month, the National Institute for Clinical Excellence advised the NHS against funding Tyverb.

The drug, which was developed by GSK, is designed to treat an aggressive form of breast cancer. Now the firm will consider appealing against the decision as it disagrees with the recommendation.

Over 15,000 people work in the company’s research and development division to discover new treatments.

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