GlaxoSmithKline went hat in hand to the bond markets and came back with a record $9 billion. Intending to sell $6 billion in corporate bonds, GSK added $3 billion more as investors hungry for non-financial corporate issues snapped up the offerings.
GSK plans to use the proceeds for its big share buy-back plan. That plan is designed to strengthen GSK stock at a time when the entire pharma sector is suffering on the equity markets.
- read the story in the Financial Times
ALSO: In Vivo is reporting that GlaxoSmithKline plans to set aside up to $500 million for a new venture fund that will support its internal R&D work as well as fund start-ups created from de-prioritized assets. GSK report
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