GlaxoSmithKline in the News: Two Bitter Pills, and a Spoon Full of Sugar
GlaxoSmithKline (GSK) has received mixed coverage recently in its latest string of headlines, beginning with a recent fraud charge, followed by a lucrative partnership, and then a recall.
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According to Aljazeera America, “Prosecutors in China have filed charges against a British investigator and his American wife accused of selling private data to drugmaker GlaxoSmithKline (GSK) as part of a growing corruption scandal, the official Xinhua news agency said Monday [July 14].”
The allegations regard a breach of private data on Chinese citizens — according to court documents, the information was illegally obtained before being provided to GSK.
GSK first became involved with the couple, who runs the risk consultancy firm ChinaWhys, when it employed the team to investigate a scandal involving a former employee.
In other news, GSK recently partnered with biotech company Codexis. It’s a deal that requires GSK to invest $25 million in the research venture over the next two years. Analysts believe the investment could boost confidence in the fledgling company that’s worth around $55 million.
USA Today notes, “Shares of Codexis are up 83 cents to $2.24 following the company announcing it will license its “CodeEvolver” technology to GlaxoSmithKline. Codexis’ technology is used by medical researchers to deep into the construction of proteins to create enzymes used to battle disease.”
As GSK invests in medical research, Panadol, an over-the-counter Puerto Rican pain reliever manufactured by the company will be recalled over insufficient packaging. The 100-count caplet product and packaging were mass-produced by GSK in the United States.
“GlaxoSmithKline Plc recalled about 10,600 bottles of its painkiller sold in Puerto Rico after finding the packaging was not child-resistant as required by the Poison Prevention Packaging Act,” Reuters reports.
There’s no word yet on the financial impact of this recall.
The pharma company is no stranger to return requests. This year, GSK also saw the recall of its major retail weight loss drug Alli. [/show_to]
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