LONDON, July 23 (Reuters) – GlaxoSmithKline cut its
2014 outlook after sales fell by a worse-than-expected 13
percent in the second quarter as its all-important lung drugs
struggled in the United States and a strong pound took a bite
out of growth.
A run of weak quarters highlights the pressure on Chief
Executive Andrew Witty, whose drive to reshape Britain’s biggest
drugmaker has yet to deliver the hoped-for return to sustained
revenue growth, following a lengthy period of patent expiries.
LONDON, July 9 (Reuters) – U.S. drugmaker AbbVie
has been forced to retract comments by its chief executive about
shareholder support for its bid for Shire after being
caught out by British takeover rules.
Chief Executive Richard Gonzalez told Reuters in an
interview on Tuesday he believed major Shire investors were
“generally supportive of this transaction” – a comment he
repeated in conversations with other media.
LONDON (Reuters) – U.S. drugmaker AbbVie (ABBV.N: Quote, Profile, Research, Stock Buzz) raised its offer for Shire (SHP.L: Quote, Profile, Research, Stock Buzz) to 30.1 billion pounds ($51.3 billion) on Tuesday, hoping to win over its reluctant target after three earlier offers were rejected.
The latest 51.15 pounds a share cash-and-stock offer is 11 percent higher than AbbVie’s previous proposal of 46.26 pounds, which the London-listed hyperactivity and rare diseases specialist had said fundamentally undervalued the company.