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.
February 14, 2016 |
GlaxoSmithKline, with major U.S. operations in the Philadelphia area, was fined $54.5 million, or 37.6 million pounds, Friday by a British competition authority for allegedly preventing less-expensive generic versions of its anti-depressant drug Seroxat from entering the market. GlaxoSmithKline has commercial operations primarily for vaccines and pharmaceuticals at the Navy Yard in South Philadelphia, and research and development sites in Upper Merion and Upper Providence, Montgomery County.
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.
August 23, 2015 |
GlaxoSmithKline plc and Novartis AG said Friday that they had struck a deal for Novartis to pay GSK at least $300 million, and perhaps more than $1 billion, for the remaining rights to the drug ofatumumab. The drug already is approved for use in treating some cancers and is sold by Novartis under the name Arzerra. Novartis now will have the rights for any use of ofatumumab approved by regulators, most importantly multiple sclerosis. GSK gets $300 million when the deal is closed, $200 million if Novartis starts a phase III clinical study of ofatumumab in relapsing remitting multiple sclerosis, and contingent payments of up to $534 million if other development milestones are achieved.
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.
August 11, 2015 |
One week it was Pfizer buying GlaxoSmithKline. Then it was Johnson & Johnson or Roche swallowing GSK.It was a busy spring.And wasn't GSK giving up research on new drugs anyway? Wrong on the research and ignore the "hullabaloo" about a takeover, Moncef Slaoui, GSK's chief of vaccines, said in a recent interview. GSK, which is based in London and employs thousands in and around Philadelphia, got approval July 24 from a European Medicines Agency committee for what would be the first malaria vaccine.
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.
February 6, 2015 |
Gov. Christie and other likely Republican presidential candidates have struggled with consistency in their public positions regarding the value of vaccines, but GlaxoSmithKline chief executive officer Andrew Witty has no such conflicts. "Generally, vaccines go through enormous amounts of testing on safety and efficacy," Witty said Wednesday from London in a conference call with reporters after GSK reported financial results for the fourth quarter and all of 2014. "Clearly, vaccines are a remarkable potential source of human health care.
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.
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.