GlaxoSmithKline's sputtering U.S. sales gave the company a black eye with investors. Now, the company's U.S. chief is stepping down. Deirdre Connelly is out the door, the company told employees on Tuesday, with SVP Jack Bailey rising to take her place.
The board of directors at GlaxoSmithKline voted to approve the last phase of a three-part deal with Novartis, transferring GSK's cancer drug portfolio to Novartis Healthcare Pvt, its Indian arm. Distribution rights were ceded in exchange for acquiring the Swiss-based company's vaccines portfolio.
Sofinnova Partners has followed up the succession of IPOs by its portfolio companies with the sale of its stake in GlycoVaxyn to GlaxoSmithKline. The sale continues a busy two years for the VC shop.
Since forging a scientific collaboration in 2012, GlaxoSmithKline has held a minority stake in Swiss biotech GlycoVaxyn. Now, it's forking over $190 million to acquire the remaining shares and take full ownership of the company.
Last week, GlaxoSmithKline CEO Andrew Witty told reporters something investors have long been hoping to hear: The company's respiratory newcomers are picking up steam.
Alzheimer's, depression, Parkinson's and the rest of the neuroscience targets of interest in biopharma have created a disaster zone for R&D teams in recent years. That's why AstraZeneca, GlaxoSmithKline and others have either pulled way back or completely out of the field. But in their wake, you can now detect a new generation of small biotechs stepping up with promising programs to revolutionize the field.
Whatever GlaxoSmithKline learned about GlycoVaxyn in the two years since they inked a collaboration deal, it must have left the pharma giant feeling confident about the technology. GSK says today that it will scoop up the Swiss biotech, which is working on new vaccines for bacterial infections, for $190 million in cash.
Last week, GlaxoSmithKline CEO Andrew Witty told reporters he sees the company's respiratory newcomers picking up steam. And that's not just some crystal-ball prediction for the future, he stressed. He's seeing it now.
GlaxoSmithKline's job-chopping ax has struck Hamilton, MT, where 27 vaccine researchers will pack up this year. The pharma giant plans to centralize its R&D efforts in one location, but where that will be hasn't yet been decided, company spokeswoman Melinda Stubbee told local paper Missoulian.
As GlaxoSmithKline prepares to fold in the bulk of Novartis' vaccines unit--headed its way after their April 2014 multibillion-dollar asset swap--it's changing things up a little. And that includes closing the R&D branch of its vaccines lab in Hamilton, MT, this year.