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Company GlaxoSmithKline [Company Info]
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Date Issue Title
18th Mar 2005 Other Issue Glaxo shares dip on factory probe

GlaxoSmithKline shares have fallen almost 2% amid fears a US inquiry into manufacturing quality could be widened and may possibly lead to a big fine.

On 4 March the US Food and Drug Administration (FDA) seized batches of two drugs from the Puerto Rico plant.

Regulators said its diabetes treatment Avandamet and anti-depressant Paxil CR tablets failed to meet safety standards - but did not pose a health risk.

Glaxo could face a fine of as much as $1.4bn (730m), Reuters reported.

Such a penalty could be imposed if the FDA obtains a formal order requiring Glaxo to resolve issues at the Cidra factory, said analyst Michael Leacock at Nomura.

The FDA action could see all manufacturing at the plant halted although regulators might permit production of other treatments to continue while its inquiry continued.

Glaxo spokesman Phil Thomson said the company had not yet discussed such an order with the FDA.

Shares in Glaxo were trading down 1.84% at 1224 pence by the close of trade on Friday. Its stock has fallen almost 10% since the FDA seizure on 4 March.

Other Reports on GlaxoSmithKline
Date Issue Company Report
29th Jan 2007 Questionable Practice GlaxoSmithKline GSK hid paxil suicide link
10th Aug 2006 Other Issue GlaxoSmithKline Glaxo pays $70m to end price row
29th Mar 2006 Questionable Practice GlaxoSmithKline Glaxo agrees US Paxil settlement
22nd Sep 2004 Questionable Practice GlaxoSmithKline Glaxo drops appeal in Aids drug pricing case
6th Sep 2004 Other Issue GlaxoSmithKline GSK faces anti-depressant lawsuit
19th May 2004 Other Issue GlaxoSmithKline New York sues GlaxoSmithKline
11th May 2004 Fraud Investigation GlaxoSmithKline GlaxoSmithKline faces antitrust investigation
22nd Jan 2004 Fraud Investigation GlaxoSmithKline $11.1 Million settlement
8th Jan 2004 Questionable Practice GlaxoSmithKline 1.5bn Tax Bill
16th Dec 2003 Questionable Practice GlaxoSmithKline Glaxo's CEO to scoop 5.7 mln stg a year
25th Jun 2003 Questionable Practice GlaxoSmithKline FDA tells Glaxo to pull misleading Flonase ads
25th Jun 2003 Questionable Practice GlaxoSmithKline Ordered to pull misleading adverts

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