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GSK reported to be focused in actions inwards

16th March 2009

GlaxoSmithKline (GSK) has claimed its current attentions are focused inward not outward, it has been reported.

Angus Rigby, chief executive officer from TD Waterhouse commented that pharmaceutical companies’ stocks are generally seen as robust, due to their usual resilience to capital market volatility.

There has recently been a renewed interest in GSK from investors, despite its share price falling last Monday by three per cent after the announcement Merck has acquired Schering-Plough. This could be due to the current wave of consolidation in the sector, he noted.

GSK denies any plans to merge with another pharmaceutical company but, according to Mr Rigby, there are rumours it currently feels threatened by other firms growing.

He added that last Thursday, the business announced it would conduct a “radical review” of its senior staffs’ remuneration.

“[It has] plans to introduce a ‘claw back’ mechanism enabling GSK to take some pay back from top employees in adverse conditions,” Mr Rigby concluded.

Earlier this month, the National Institute for Clinical Excellence refused funding for the business’ drug Tyverb to treat advanced breast cancer treatment.

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