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’Snap news
Breaking pre-market news on Thursday,
- Greek finance minister is against holding a referendum — report and confirmation.
- BNP Paribas reports 72 per cent fall in Q3 earnings after taking bigger than expected 2bn Greek debt hit – statement.
Snap news
Breaking pre-market news on Thursday,
- Dimension Data recommends £2.1bn/120p a share cash offer from Nippon Telegraph — statement.
- Fairfield Energy postpones IPO “in light of market conditions”
GSK to cut drug prices for developing countries
GlaxoSmithKline is to cut significantly the prices of its medicine in emerging economies next spring, the FT reported. The reductions – expected to reduce prices in most developing countries to below two-thirds of western prices – reflect intensifying efforts by drug companies to tap demand from the faster-growing economies as western markets stagnate.
Vaccines give a boost to pharma M&A
A recent flurry of deals in the pharmaceutical sector highlights what savvy investors have known for some time — vaccines are the new M&A targets.
The Wall Street Journal notes on Monday that the recent health scares over global pandemics and the growing involvement of governments in purchasing vaccines en masse have become key driving forces in the thriving world of pharma M&A.
GSK’s swine flu arsenal grows
GlaxoSmithKline moved on Wednesday to become the pharmaceuticals company with the broadest range of products to tackle swine flu. The UK group unveiled plans to add masks and diagnostics to its vaccines and antiviral medicines business.
Drug groups to reap swine-flu billions
Some of the world’s leading pharmaceutical companies are reaping billions of dollars in extra revenue amid global concern about the spread of swine flu. Analysts expect to see a boost in sales from GlaxoSmithKline,
M&A turns to Depression-style barter
It is the oldest form of commerce: trading what you have for what you want without exchanging money. Businesses turned to bartering during the 1930s Great Depression. Now, some companies are again swapping assets instead of shopping for them.
Swine fever panic – in pictures
The airline stocks.
A tour operator – Thomas Cook.
An animal breeding company – Genus.
A sausage maker – Cranswick.
But there are some winners, such as Roche and GlaxosmithKline.
GSK in talks over Aspen stake
GlaxoSmithKline is poised to take a significant minority stake in Aspen Pharmacare of South Africa. GSK is in talks over the likely acquisition of about 10% of the drug producer in a deal that could be completed in coming weeks.
Rumourtrage – pharma edition
Predictable really.
After the recent flurry of big deals in the pharmaceutical sector – think Pfizer’s $68bn bid for Wyeth, Roche’s $47bn offer for the chunk of Genentech it did not already own and Merck’s $41bn takeover of Schering-Plough – it was only a matter of time before the rumour mill started to whirl into action.
James Murdoch joins Glaxo board
GlaxoSmithKline, the UK pharmaceutical group, has appointed the high-profile media executive James Murdoch as a non-executive director, as part of a broader boardroom shake-up. Murdoch, who is chairman and chief executive of News Corp Europe and Asia,
GSK to cut around 6,000 jobs
GlaxoSmithKline, Britain’s biggest pharmaceuticals will announce it is cutting close to 6,000 jobs when it posts full-year results this week, reports the Sunday Telegraph. GSK is finalising plans which will see in the region of 6,000 global positions axed of a total 100,000 staff.
Activist investor to target FTSE names
Glenn Cooper, the activist investor who led a campaign against Vodafone’s management strategy last year, said he’s started raising money for a £500m fund to mount similar campaigns against six or seven FTSE 100 companies,
Buffett gives Glaxo a bump
Warren Buffett has brought his magic touch to the UK – and generously bestowed it on GlaxoSmithKline, which could do with the help.
The billionaire’s holding company, Berkshire Hathaway, has revealed a stake worth about $76.1m in the pharma company at the end of December,
Big drug companies raided in EU probe
European regulators raided some of the world’s biggest pharmaceutical companies on Wednesday as part of a probe into whether they conspired to keep up the price of drugs after patents expired. Pfizer,