April 24, 2016 |
GlaxoSmithKline is partnering with a San Diego research institute to study brain function and treatments to potentially reverse or slow down neurodegeneration. The Sanford Burnham Prebys Medical Discovery Institute in La Jolla and GlaxoSmithKline, which has operations in the Philadelphia area, will create a center on Sanford Burnham's campus with the goal of finding new medicines for diseases such as Alzheimer's and other forms of dementia. Under a three-year agreement, GSK will fund a research laboratory where scientists and staff from Sanford Burnham will work with GSK neuroscientists.
July 26, 2011 |
LONDON - A big reduction in administrative costs and strong sales in Japan helped GlaxoSmithKline PLC return to profit in the second quarter of the year. The pharmaceutical company, which has major operations in Philadelphia, reported Tuesday a profit of 1.1 billion pounds ($1.8 billion) in the second quarter, in contrast to last year's loss of 304 million pounds. GSK achieved the result despite a 4 percent drop in revenue, to 6.7 billion pounds, largely because sales and administration costs were slashed from 4.2 billion pounds last year to 2.3 billion pounds.
January 22, 2016 |
Two GlaxoSmithKline scientists and three others were charged by a federal grand jury in Philadelphia on Wednesday with conspiracy to steal promising cancer research secrets from the pharmaceutical giant and market them to companies in China backed by the Chinese government. U.S. Attorney Zane David Memeger said Yu Xue, 45, of Wayne; Tao Li, 42, and Yan Mei, 36, both of Nanjing China; Tian Xue, 45, of Charlotte, N.C.; and Lucy Xi, 38, of West Lake Village, Calif., were named in the indictment.
December 3, 2014 |
The $1.57 billion in annual cost cuts that drugmaker GlaxoSmithKline announced in October will take a more definite shape, possibly as soon as Wednesday, with Philadelphia-area employees among those at risk of losing their jobs. Like other major pharmaceutical companies, GSK is still trying to adapt a decades-old business model to new realities in the complex health-care marketplace without forsaking the profits that investors of all sizes still expect. "The aim of this program is to improve performance by taking unnecessary complexity out of our operations and establish a smaller, more focused, organization, operating at lower costs, that supports our future portfolio," GSK spokeswoman Mary Anne Rhyne said in a statement.
April 24, 2014 |
In a multibillion-dollar deal, drugmakers GlaxoSmithKline and Novartis said Tuesday that they would trade parts of their companies and form a joint venture with a third part. GSK, based in London and with several facilities in the Philadelphia region, will sell its current cancer drugs to Swiss-based Novartis for $16 billion. Novartis will sell all but one of its vaccines to GSK for about $7.1 billion. The companies formed a joint venture to sell over-the-counter medicine, with GSK taking a 63.5 percent stake.
December 19, 2013 |
GlaxoSmithKline said Tuesday that it would stop paying doctors to give speeches and attend continuing medical education events, while also eliminating individual targets in determining pay for sales representatives. The drugmaker - based in London but with facilities at Philadelphia's Navy Yard and elsewhere in the region - is ahead of most of its competitors in those matters. GSK and the pharmaceutical industry have been under pressure in myriad ways to change business practices their critics see as unethical.
August 23, 2015 |
PMC Property Group has bought the Center City office building that once served as headquarters for GlaxoSmithKline for $43 million from Equity Commonwealth, the Chicago-based real estate trust controlled by Sam Zell. PMC plans to convert the top two-thirds of the 24-story One Franklin Plaza building into rental apartments, with the lower stories being used for about 200,000 square feet of office space, Michael Margolis, of Newmark Grubb Knight Frank, said Friday. PMC, one of the city's biggest residential landlords, closed on the 607,474-square-foot building at 200 N. 16th St. on Aug. 18, Margolis said.
February 26, 2016 |
Federal prosecutors alleged Wednesday that corrupt officials in the Chinese government financially supported and may have benefited from a scheme to steal trade secrets worth billions from a GlaxoSmithKline research facility in Montgomery County. But lawyers representing one of the five defendants accused of pilfering information from the British-based pharmaceutical giant's Upper Merion Township location called such claims a "fantastical assertion. " The dispute - which boiled over at a detention hearing in federal court in Philadelphia - struck at the heart of debate over the Justice Department's recent checkered history in prosecuting cases of alleged theft of trade secrets involving Chinese American scientists.
December 5, 2014 |
The drugmaker GlaxoSmithKline said Wednesday that it would cut hundreds of jobs in the United States, with the Philadelphia region gaining and losing positions, as it begins a three-year process of eliminating $1.57 billion in annual expenses. London-based GSK will significantly reduce its research and development operation in North Carolina's Research Triangle Park, moving some of those positions and people to facilities in Upper Merion and Upper Providence, Montgomery County. However, some Philadelphia-area employees in commercial divisions will be laid off, with departures starting early in 2015.
April 4, 2015 |
Drugmaker GlaxoSmithKline said Thursday that it would establish a new hub for vaccine research and development in the Washington suburb of Rockville, Md., a move that will directly affect about 150 employees at the company's King of Prussia facility. Establishing the Maryland hub, GSK said in a statement, "will consolidate vaccines R&D activities currently conducted at other GSK sites including in Philadelphia and Cambridge, Mass., into one centralized location. Key late-stage development programs, as well as vaccine discovery and new platform technology development, will be led from Rockville.