Senior Correspondent, London
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Jul 23, 2014

GSK cuts outlook as weak lung drug sales and strong pound hit

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.

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Jul 9, 2014

AbbVie forced to retract comments in Shire takeover fight

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.

Jul 8, 2014

AbbVie hikes bid for drugmaker Shire to $51 billion

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.

    • About Ben

      "Ben Hirschler is European pharmaceuticals, biotechnology and healthcare correspondent, based in London. Previously, he was in charge of British company news and before that was posted to Johannesburg, covering the economic challenges facing post-apartheid South Africa."
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