GlaxoSmithKline

Short description: British pharmaceutical company

[ ⚑ ]  51°29′17″N 0°19′01″W﻿ / ﻿51.4881°N 0.3169°W﻿ / 51.4881; -0.3169

GlaxoSmithKline plc

GSK's head office in Brentford, London

Type| Public limited company

Traded as

Short description: Stock exchange in the City of London

London Stock Exchange| Arms

Type| Stock exchange
Location| City of London, England, United Kingdom
Founded| 30 December 1801; 224 years ago (1801-12-30)
Owner| London Stock Exchange Group
Key people|

* Don Robert
(Chairman)
* David Schwimmer
(CEO)

Currency| Sterling (most primary listings; stock prices are quoted in pence rather than pounds)
No. of listings| 1,918 issuers [1]
Market cap| USD$3.18 trillion (as of August 2023[update])[2]
Indices|

* FTSE 100 Index
* FTSE 250 Index
* FTSE 350 Index
* FTSE SmallCap Index
* FTSE All-Share Index

Website| {{{1}}}

London Stock Exchange (LSE) is a stock exchange in the City of London, England , United Kingdom. As of August 2023,[update] the total market value of all companies trading on the LSE stood at $3.18 trillion.[3] Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. Since 2007, it has been part of the London Stock Exchange Group (LSEG (LSE: [Script error: No such module "Stock tickers/LSE". LSEG])).[4] The LSE is the most-valued stock exchange in Europe as of 2023.[5] According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares.[6] According to the 2020 Financial Conduct Authority (FCA) report, approximately 15% of UK adults reported having investments in stocks and shares.[7]

## Contents

* 1 History
* 1.1 Coffee House
* 1.2 Royal Exchange
* 1.3 First Rule Book
* 1.4 Foreign and regional exchanges
* 1.5 The Exchange before the World Wars
* 1.6 First World War
* 1.7 Second World War
* 1.8 Post-war
* 1.9 IRA bombing
* 1.10 "Big Bang"
* 2 Activities
* 2.1 Primary markets
* 2.1.1 Main Market
* 2.1.2 Alternative Investment Market
* 2.2 Secondary markets
* 3 Post trade
* 4 Technology
* 5 Mergers and acquisitions
* 5.1 NASDAQ bids
* 5.2 Proposed merger with TMX Group
* 6 Opening times
* 7 Arms
* 8 See also
* 9 References
* 10 Further reading
* 11 External links
* 12 History
* 12.1 Glaxo Wellcome
* 12.1.1 Glaxo
* 12.1.2 Burroughs Wellcome
* 12.1.3 Merger
* 12.2 SmithKline Beecham
* 12.2.1 Beecham
* 12.2.2 SmithKline
* 12.2.3 Merger
* 12.3 2000: Glaxo Wellcome and SmithKline Beecham merger
* 12.4 2001–2010
* 12.5 2011–present
* 12.5.1 GSK–Novartis consumer healthcare buy-out
* 12.5.2 GSK–Pfizer joint venture
* 12.5.3 Subsequent split
* 12.6 Venture arms
* 13 Research areas and products
* 13.1 Pharmaceuticals
* 13.2 Malaria vaccine
* 13.3 Consumer healthcare
* 13.4 Facilities
* 13.5 COVID-19 vaccine
* 14 Recognition, philanthropy and social responsibility
* 14.1 Scientific recognition
* 14.2 Philanthropy and social responsibility
* 15 Controversies
* 15.1 2012 criminal and civil settlement
* 15.1.1 Overview
* 15.1.2 Rosiglitazone (Avandia)
* 15.1.3 Paroxetine (Paxil/Seroxat)
* 15.1.4 Bupropion (Wellbutrin)
* 15.2 2010 Pandemrix connected with narcolepsy
* 15.3 1973 Antitrust case over griseofulvin
* 15.4 2000s Ribena
* 15.5 SB Pharmco Puerto Rico
* 15.6 China
* 15.7 Market manipulation in the UK
* 15.8 Miscellaneous
* 16 Acquisition-history diagram
* 17 See also
* 18 Notes
* 19 References
* 20 External links

## History

### Coffee House

The Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of the Antwerp Bourse. It was opened by Elizabeth I of England in 1571.[8][9]

During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners. They had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House. At that coffee house, a broker named John Castaing started listing the prices of a few commodities, such as salt, coal, paper, and exchange rates in 1698. Originally, this was not a daily list and was only published a few days of the week.[10]

This list and activity was later moved to Garraway's coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in marketable securities in London.

### Royal Exchange

After Gresham's Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and re-established in 1669. This was a move away from coffee houses and a step towards the modern model of stock exchange.[11]

The Royal Exchange housed not only brokers but also merchants and merchandise. This was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without a licence. It also set a fixed number of brokers (at 100), but this was later increased as the size of the trade grew. This limit led to several problems, one of which was that traders began leaving the Royal Exchange, either by their own decision or through expulsion, and started dealing in the streets of London. The street in which they were now dealing was known as 'Exchange Alley', or 'Change Alley'; it was suitably placed close to the Bank of England. Parliament tried to regulate this and ban the unofficial traders from the Change streets.

Traders became weary of "bubbles" when companies rose quickly and fell, so they persuaded Parliament to pass a clause preventing "unchartered" companies from forming.

After the Seven Years' War (1756–1763), trade at Jonathan's Coffee House boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and more formal "Stock Exchange" in Sweeting's Alley. This now had a set entrance fee, by which traders could enter the stock room and trade securities. It was, however, not an exclusive location for trading, as trading also occurred in the Rotunda of the Bank of England. Fraud was also rife during these times and in order to deter such dealings, it was suggested that users of the stock room pay an increased fee. This was not met well and ultimately, the solution came in the form of annual fees and turning the Exchange into a Subscription room.

The Subscription room created in 1801 was the first regulated exchange in London, but the transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder, a new and bigger building was planned, at Capel Court.

William Hammond laid the first foundation stone for the new building on 18 May. It was finished on 30 December when "The Stock Exchange" was incised on the entrance.

### First Rule Book

London Stock Exchange in 1810

In the Exchange's first operating years, on several occasions there was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed a set of recommendations, which later became the foundation of the first codified rule book of the Exchange. Even though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive.

With its new governmental commandments[12] and increasing trading volume, the Exchange was progressively becoming an accepted part of the financial life in the city. In spite of continuous criticism from newspapers and the public, the government used the Exchange's organised market (and would most likely not have managed without it) to raise the enormous amount of money required for the wars against Napoleon.

### Foreign and regional exchanges

After the war and facing a booming world economy, foreign lending to countries such as Brazil, Peru and Chile was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, and the Royal Exchange hosted all transactions where foreign parties were involved. The constant increase in overseas business eventually meant that dealing in foreign securities had to be allowed within all of the Exchange's premises.

Just as London enjoyed growth through international trade, the rest of Great Britain also benefited from the economic boom. Two other cities, in particular, showed great business development: Liverpool and Manchester. Consequently, in 1836 both the Manchester and Liverpool stock exchanges were opened. Some stock prices sometimes rose by 10%, 20% or even 30% in a week. These were times when stockbroking was considered a real business profession, and such attracted many entrepreneurs. Nevertheless, with booms came busts, and in 1835 the "Spanish panic" hit the markets, followed by a second one two years later.

### The Exchange before the World Wars

Debenture of The Stock Exchange, issued 1 January 1899.

By June 1853, both participating members and brokers were taking up so much space that the Exchange was now uncomfortably crowded, and continual expansion plans were taking place. Having already been extended west, east, and northwards, it was then decided the Exchange needed an entire new establishment. Thomas Allason was appointed as the main architect, and in March 1854, the new brick building inspired from the Great Exhibition stood ready. This was a huge improvement in both surroundings and space, with twice the floor space available.

By the late 1800s, the telephone, ticker tape, and the telegraph had been invented. Those new technologies led to a revolution in the work of the Exchange.

### First World War

Stock certificate of the London Stock Exchange, issued on 31 March 1920, declared as a qualification share. The capital of the Exchange from its incorporation consisted of 20,000 shares held only by its members, with trustees and directors required to hold 10 qualification shares.

As the financial centre of the world, both the City and the Stock Exchange were hit hard by the outbreak of World War I in 1914. Due to fears that borrowed money was to be called in and that foreign banks would demand their loans or raise interest, prices surged at first. The decision to close the Exchange for improved breathing space and to extend the August Bank Holiday to prohibit a run on banks, was hurried through by the committee and Parliament, respectively. The Stock Exchange ended up being closed from the end of July until the New Year, causing street business to be introduced again, as well as the "challenge system".

The Exchange was set to open again on 4 January 1915 under tedious restrictions: transactions were to be in cash only. Due to the limitations and challenges on trading brought by the war, almost a thousand members quit the Exchange between 1914 and 1918. When peace returned in November 1918, the mood on the trading floor was generally cowed. In 1923, the Exchange received its own coat of arms, with the motto Dictum Meum Pactum, My Word is My Bond.

### Second World War

In 1937, officials at the Exchange used their experiences from World War I to draw up plans for how to handle a new war. The main concerns included air raids and the subsequent bombing of the Exchange's perimeters, and one suggestion was a move to Denham, Buckinghamshire. This however never took place. On the first day of September 1939, the Exchange closed its doors "until further notice" and two days later World War II was declared. Unlike in the prior war, the Exchange opened its doors again six days later, on 7 September.

As the war escalated into its second year, the concerns for air raids were greater than ever. Eventually, on the night of 29 December 1940, one of the greatest fires in London's history took place. The Exchange's floor was hit by a clutch of incendiary bombs, which were extinguished quickly. Trading on the floor was now drastically low and most was done over the phone to reduce the possibility of injuries.

The Exchange was only closed for one more day during wartime, in 1945 due to damage from a V-2 rocket. Nonetheless, trading continued in the house's basement.

### Post-war

Trading floor in 1955

After decades of uncertain if not turbulent times, stock market business boomed in the late 1950s. This spurred officials to find new, more suitable accommodation. The work on the new Stock Exchange Tower began in 1967. The Exchange's new 321 feet (98 metres) high building had 26 storeys with council and administration at the top, and middle floors let out to affiliate companies. Queen Elizabeth II opened the building on 8 November 1972; it was a new City landmark, with its 23,000 sq ft (2,100 m2) trading floor.

The Stock Exchange Tower pictured from atop the National Westminster Tower in 1983

1973 marked a year of changes for the Stock Exchange. First, two trading prohibitions were abolished. A report from the Monopolies and Mergers Commission recommended the admittance of both women and foreign-born members on the floor. Second, in March the London Stock Exchange formally merged with the eleven British and Irish regional exchanges, including the Scottish Stock Exchange.[13] This expansion led to the creation of a new position of Chief Executive Officer; after an extensive search this post was given to Robert Fell. There were more governance changes in 1991, when the governing Council of the Exchange was replaced by a Board of Directors drawn from the Exchange's executive, customer, and user base; and the trading name became "The London Stock Exchange".

FTSE 100 Index (pronounced "Footsie 100") was launched by a partnership of the Financial Times and the Stock Exchange on 3 January 1984. This turned out to be one of the most useful indices of all, and tracked the movements of the 100 leading companies listed on the Exchange.

### IRA bombing

On 20 July 1990, a bomb planted by the Provisional Irish Republican Army (IRA) exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured.[14] About 30 minutes before the blast at 8:49 a.m., a man who said he was a member of the IRA told Reuters that a bomb had been placed at the exchange and was about to explode. Police officials said that if there had been no warning, the human toll would have been very high.[15] The explosion ripped a hole in the 23-storey building in Threadneedle Street and sent a shower of glass and concrete onto the street.[16] The long-term trend towards electronic trading platforms reduced the Exchange's attraction to visitors, and although the gallery reopened, it was closed permanently in 1992.

### "Big Bang"

The biggest event of the 1980s was the sudden de-regulation of the financial markets in the UK in 1986. The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading.

In 1995, the Exchange launched the Alternative Investment Market, the AIM, to allow growing companies to expand into international markets. Two years later, the Electronic Trading Service (SETS) was launched, bringing greater speed and efficiency to the market. Next, the CREST settlement service was launched. In 2000, the Exchange's shareholders voted to become a public limited company, London Stock Exchange plc. London Stock Exchange also transferred its role as UK Listing Authority to the Financial Services Authority (FSA-UKLA).

EDX London, an international equity derivatives business, was created in 2003 in partnership with OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time market data and trading systems.

Paternoster Square; LSEG occupies the building that takes up much of the right side of this picture. London Stock Exchange office interior at Paternoster Square

The old Stock Exchange Tower became largely redundant with Big Bang, which deregulated many of the Stock Exchange's activities: computerised systems and dealing rooms replaced face-to-face trading. In 2004, London Stock Exchange moved to a brand-new headquarters in Paternoster Square, close to St Paul's Cathedral.

In 2007, the London Stock Exchange merged with Borsa Italiana, creating London Stock Exchange Group (LSEG). The Group's headquarters are in Paternoster Square.

The Stock Exchange in Paternoster Square was the initial target for the protesters of Occupy London on 15 October 2011. Attempts to occupy the square were thwarted by police.[17] Police sealed off the entrance to the square as it is private property, a High Court injunction having previously been granted against public access to the square.[18] The protesters moved nearby to occupy the space in front of St Paul's Cathedral.[19] The protests were part of the global Occupy movement.

On 25 April 2019, the final day of the Extinction Rebellion disruption in London, 13 activists glued themselves together in a chain, blocking the entrances of the Stock Exchange.[20][21] The protesters were all later arrested on suspicion of aggravated trespass.[21] Extinction Rebellion had said its protesters would target the financial industry "and the corrosive impacts of the ... sector on the world we live in" and activists also blocked entrances to HM Treasury and the Goldman Sachs office on Fleet Street.[22]

## Activities

### Primary markets

There are two main markets on which companies trade on the LSE: the main market and the alternative investment market.

#### Main Market

The main market is home to over 1,300 large companies from 60 countries.[23] The FTSE 100 Index ("footsie") is the main share index of the 100 most highly capitalised UK companies listed on the Main Market.[24]

#### Alternative Investment Market

The Alternative Investment Market is LSE's international market for smaller companies. A wide range of businesses including early-stage, venture capital-backed, as well as more-established companies join AIM seeking access to growth capital. The AIM is classified as a Multilateral Trading Facility (MTF) under the 2004 MiFID directive, and as such it is a flexible market with a simpler admission process for companies wanting to be publicly listed.[25]

### Secondary markets

The securities available for trading on London Stock Exchange:[26]

* Common stock
* Bonds, including retail bonds
* Derivatives
* Exchange-traded funds
* Debt securities
* Exchange-traded commodities
* Structured products
* Covered warrants
* Global depositary receipts (GDRs)
* Gilt-edged securities

## Post trade

Through the Exchange's Italian arm, Borsa Italiana, the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli.[27][28] is the Groups Central Counterparty (CCP) and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli (MT) is the pre-settlement, settlement, custody and asset services provider of the Group. MT operates both on-exchange and OTC trades with over 400 banks and brokers.

## Technology

London Stock Exchange's trading platform is its own Linux-based edition named Millennium Exchange.[29]

Their previous trading platform TradElect was based on Microsoft's .NET Framework, and was developed by Microsoft and Accenture. For Microsoft, LSE was a good combination of a highly visible exchange and yet a relatively modest IT problem.[30]

Despite TradElect only being in use for about two years,[31] after suffering multiple periods of extended downtime and unreliability[32][33] the LSE announced in 2009 that it was planning to switch to Linux in 2010.[34][35] The main market migration to MillenniumIT technology was successfully completed in February 2011.[36]

LSEG provides high-performance technology, including trading, market surveillance and post-trade systems, for over 40 organisations and exchanges, including the Group's own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group's technology companies.[37]

The LSE facilitates stock listings in a currency other than its "home currency". Most stocks are quoted in GBP but some are quoted in EUR while others are quoted in USD.

## Mergers and acquisitions

On 3 May 2000, it was announced that the LSE would merge with the Deutsche Börse; however this fell through.[38]

On 23 June 2007, the London Stock Exchange announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of the long-term strategies of the joint company is to expand Borsa Italiana's efficient clearing services to other European markets.

In 2007, after Borsa Italiana announced that it was exercising its call option to acquire full control of MBE Holdings; thus the combined Group would now control Mercato dei Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with LSE's existing bond-listing business enhanced the range of covered European fixed income markets.

London Stock Exchange Group acquired Turquoise (TQ), a Pan-European MTF, in 2009.[39]

On 9 October 2020, London Stock Exchange agreed to sell the Borsa Italiana (including Borsa's bond trading platform MTS) to Euronext for €4.3 billion (£3.9 billion) in cash.[40] Euronext completed the acquisition of the Borsa Italiana Group on 29 April 2021 for a final price of €4,444 million.[41]

On 12 Dec 2022, Microsoft bought a nearly 4% stake in LSE (London Stock Exchange Group) as part of a ten-year cloud deal.[42]

### NASDAQ bids

In December 2005, London Stock Exchange rejected a £1.6 billion takeover offer from Macquarie Bank. London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the Exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at £2.4 billion. This too it rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share.[43] NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares.[44] The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.[45]

Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months.[46][47][48] United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of £12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares.[49] The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.[50]

NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances.

In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41% of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed.[51]

On 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt.[52] In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.[53]

### Proposed merger with TMX Group

On 9 February 2011, London Stock Exchange Group announced it had agreed to merge with the Toronto-based TMX Group, the owners of the Toronto Stock Exchange, creating a combined entity with a market capitalization of listed companies equal to £3.7 trillion.[54] Xavier Rolet, CEO of the LSE Group at the time, would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would have become the new firm president. London Stock Exchange Group however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting".[55] Even though LSEG obtained the necessary support from its shareholders, it failed to obtain the required support from TMX's shareholders.

## Opening times

Normal trading sessions on the main orderbook (SETS) are from 08:00 to 16:30 local time every day of the week except Saturdays, Sundays and holidays declared by the exchange in advance. The detailed schedule is as follows:

1. Trade reporting 07:15–07:50
2. Opening auction 07:50–08:00
3. Continuous trading 08:00–16:30
4. Closing auction 16:30–16:35
5. Order maintenance 16:35–17:00
6. Trade reporting only 17:00–17:15

[56] Auction Periods (SETQx)

SETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) is a trading service for securities less liquid than those traded on SETS.

The auction uncrossings are scheduled to take place at 8:00, 9:00, 11:00, 14:00, and 16:35.

Observed holidays are New Year's Day, Good Friday, Easter Monday, May Bank Holiday, Spring Bank Holiday, Summer Bank Holiday, Christmas Day, and Boxing Day. If New Year's Day, Christmas Day, and/or Boxing Day falls on a weekend, the following working day is observed as a holiday.

## Arms

Coat of arms of GlaxoSmithKline  |

Adopted
10 September 1923
Crest
On a wreath of the colours, In front of a tower proper a lion passant guardant Or.
Escutcheon
Argent, a cross and in the first quarter a sword erect gules; on a chief of the second a balance Or.
Supporters
On either side a griffin sable, gorged with a mural crown Or.
Motto
DICTUM MEUM PACTUM[57]

|

## See also

* List of stock exchanges
* List of stock exchanges in the Commonwealth of Nations
* List of stock exchanges in the United Kingdom, the British Crown Dependencies and United Kingdom Overseas Territories
* Stock Exchange forgery 1872–73
* TAURUS (share settlement)

## References

1. ↑ "Market Statistics - Focus (April 2023) The World Federation of Exchanges". World Federation of Exchanges. https://focus.world-exchanges.org/issue/april-2023/market-statistics.
2. ↑ "London Stock Exchange (LSE)". https://www.tradinghours.com/markets/lse.
3. ↑ "London Stock Exchange (LSE)". https://www.tradinghours.com/markets/lse.
4. ↑ "History of London Stock Exchange Group". http://www.lseg.com/about-london-stock-exchange-group/history.
5. ↑ Foy, Simon (2023-10-19). "London Stock Exchange overtakes Paris to regain crown as Europe’s biggest market" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/business/2023/10/19/london-stock-exchange-overtakes-paris-europe-market/.
6. ↑ David Summers (3 March 2022). "Ownership of UK quoted shares: 2020". Office for National Statistics. https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/ownershipofukquotedshares/2020.
7. ↑ Nisha Arora (11 February 2021). "Financial Lives 2020 survey: the impact of coronavirus". Financial Conduct Authority. https://www.fca.org.uk/publication/research/financial-lives-survey-2020.pdf.
8. ↑ "Royal Exchange, London". http://www.walklondon.com/london-attractions/royal-exchange.htm.
9. ↑ "Heritage | The Royal Exchange" (in en-US). http://www.theroyalexchange.co.uk/heritage/.
10. ↑ "St Paul's Institute: A Valuable Exchange at the Royal Exchange". http://www.stpaulsinstitute.org.uk/dialogue/tanya-barman/opinion/2012/jun/21/a-valuable-exchange-at-the-royal-exchange.
11. ↑ "Gresham Grasshopper, Royal Exchange, London – Insect Sculptures on Waymarking.com" (in en). http://www.waymarking.com/waymarks/WM6R6Y_Gresham_Grasshopper_Royal_Exchange_London.
12. ↑ Ranald Michie (1999). The London Stock Exchange: A History. Oxford University Press. ISBN 9780191529344. https://books.google.com/books?id=ZCaQDwAAQBAJ&q=London Stock Exchange First Rule Book&pg=PA37. Retrieved 7 June 2019.
13. ↑ "Calls for Scotland to have its own stock exchange". 4 August 2010. http://www.heraldscotland.com/news/home-news/calls-for-scotland-to-have-its-own-stock-exchange-1.1045699.
14. ↑ "On This Day: 20 July 1990: IRA bombs Stock Exchange". BBC News. 20 July 1990. http://news.bbc.co.uk/onthisday/hi/dates/stories/july/20/newsid_2515000/2515667.stm.
15. ↑ FINEMAN, MARK (21 July 1990). "Bomb Blast Rips London's Stock Exchange; No Injuries Reported : Terrorism: Apparent IRA warning allows time to evacuate the building and surrounding area". Los Angeles Times. https://articles.latimes.com/1990-07-21/news/mn-170_1_london-stock-exchange.
16. ↑ "London Stock Exchange Is Rocked by a Bombing". The New York Times. 21 July 1990. https://www.nytimes.com/1990/07/21/world/london-stock-exchange-is-rocked-by-a-bombing.html.
17. ↑ Davies, Caroline (16 October 2011). "Occupy London protest continues into second day". The Guardian (London). https://www.theguardian.com/uk/2011/oct/16/occupy-london-protest-second-day.
18. ↑ "Stock exchange occupation blocked". Media Wales (Wales). 15 October 2011. http://www.walesonline.co.uk/news/uk-news/2011/10/15/stock-exchange-occupation-blocked-91466-29601928/.
19. ↑ "Occupy London: Protest continues for second day". BBC News (London). 16 October 2011. https://www.bbc.co.uk/news/uk-15324901.
20. ↑ Hope, Kate (25 April 2019). "Extinction Rebellion protesters glue themselves to London Stock Exchange". https://www.euronews.com/2019/04/25/extinction-rebellion-protesters-glue-themselves-to-london-stock-exchange.
21. ↑ 21.0 21.1 "Extinction Rebellion activists end London protests". 25 April 2019. https://www.bbc.co.uk/news/uk-england-london-48058177.
22. ↑ "Extinction Rebellion: London Stock Exchange blocked by climate activists". 25 April 2019. https://www.bbc.co.uk/news/uk-england-london-48049040.
23. ↑ "London Stock Exchange". https://www.londonstockexchange.com/raise-finance/equity/main-market?tab=insights-and-reports&lang=en.
24. ↑ Lessambo, Felix I. (2021). International Finance: New Players and Global Markets. Springer. ISBN 9783030692322. https://books.google.com/books?id=6eAhEAAAQBAJ&q=The main market is home to over 1,300 large companies from 60 different countries. London Stock Exchange&pg=PA86. Retrieved 18 April 2021.
25. ↑ "AIM". Thomson Reuters. https://uk.practicallaw.thomsonreuters.com/8-107-6392?transitionType=Default&contextData=(sc.Default)&firstPage=true.
26. ↑ "SECURITY TYPES". London Stock Exchange. https://www.londonstockexchange.com/traders-and-brokers/security-types/security-types.htm.
27. ↑ CC&G - London Stock Exchange Group. Retrieved 26 August 2015.
28. ↑ Monte Titoli London Stock Exchange Group. Retrieved 26 August 2015.
29. ↑ Leo King (14 February 2011). "London Stock Exchange finished the switch to Linux". Computerworld UK. http://www.computerworlduk.com/news/open-source/3260727/london-stock-exchange-in-historic-linux-go-live/.
30. ↑ Ajay Shah (4 July 2009). "Microsoft inside the exchange". Blogspot. http://ajayshahblog.blogspot.com/2009/07/microsoft-inside-exchange.html.
31. ↑ "London Stock Exchange to replace Tradelect with Millennium". London: ComputerWeekly.com. 4 September 2009. http://www.computerweekly.com/news/1280090627/London-Stock-Exchange-to-replace-Tradelect-with-Millennium.
32. ↑ Rowena Mason (10 September 2008). "Seven-hour LSE blackout caused by double glitch". The Daily Telegraph (London). https://www.telegraph.co.uk/finance/markets/4676369/Seven-hour-LSE-blackout-caused-by-double-glitch.html.
33. ↑ "London Stock Exchange trading hit by technical glitch". BBC News. 26 November 2009. http://news.bbc.co.uk/1/hi/business/8380607.stm.
34. ↑ David M. Williams (8 October 2009). "London Stock Exchange gets the facts and dumps Windows for Linux". ITWire. http://www.itwire.com/opinion-and-analysis/the-linux-distillery/28359-london-stock-exchange-gets-the-facts-and-dumps-windows-for-linux.
35. ↑ "London Stock Exchange Rejects .NET For Open Source". Slashdot. 6 October 2009. http://linux.slashdot.org/story/09/10/06/1742203/London-Stock-Exchange-Rejects-NET-For-Open-Source.
36. ↑ Stafford, Philip (14 February 2011). "LSE moves to faster UK trading system". Financial Times. ISSN 0307-1766. http://www.ft.com/intl/cms/s/0/8a87cf48-383e-11e0-8257-00144feabdc0.html.
37. ↑ "Investor Relations". http://www.lseg.com/investor-relations.
38. ↑ "2000: Leading stock exchanges plan merger". 3 May 2000. http://news.bbc.co.uk/onthisday/hi/dates/stories/may/3/newsid_2481000/2481359.stm.
39. ↑ "LSE confirms Turquoise acquisition talks". https://www.thetradenews.com/lse-confirms-turquoise-acquisition-talks/.
40. ↑ "LSE agrees to sell Borsa Italiana to Euronext for €4.3 billion". 9 October 2020. https://www.reuters.com/article/uk-lse-borsa-italiana-m-a-idUKKBN26U0H7.
41. ↑ "Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results". https://www.euronext.com/en/about/media/euronext-press-releases/acquisition-borsa-italiana-group-and-q1-2021-results.
42. ↑ "Microsoft buys near 4% stake in London Stock Exchange Group as part of 10-year cloud deal". https://www.cnbc.com/2022/12/12/microsoft-buys-near-4percent-stake-in-london-stock-exchange-and-launches-10-year-partnership.html.
43. ↑ Patrick, M.; Lucchetti, A.; Reilly, D.; Taylor, E. (11 April 2006). "Nasdaq Acquires 15% of LSE". The Wall Street Journal. https://www.wsj.com/articles/SB114477409808123029.
44. ↑ "Scottish Widows says has sold 2.7 mln LSE shares at 1,175 pence". Forbes. 12 April 2006. https://www.forbes.com/finance/feeds/afx/2006/04/12/afx2665242.html.
45. ↑ Ortega, E. (11 April 2006). "Nasdaq Buys 15 Percent Stake in LSE for $782 Million". Bloomberg News. https://www.bloomberg.com/apps/news?pid=10000103&sid=aY106PolhKUQ&refer=us.
46. ↑ MacDonald, A.; Lucchetti, A. (4 May 2006). "In LSE Stakes, Nasdaq Advances, Euronext Falls". The Wall Street Journal. https://www.wsj.com/articles/SB114670228362743269.
47. ↑ Lucchetti, A.; MacDonald, A. (11 May 2006). "Nasdaq Lifts Its LSE Stake to 24%". The Wall Street Journal. https://www.wsj.com/articles/SB114729205685149301.
48. ↑ Goldsmith, B.; Elliott, M. (19 May 2006). "Nasdaq raises LSE stake, making rival bids harder". Reuters. http://today.reuters.com/business/newsArticle.aspx?type=bankingFinancial&storyID=nL1923903. [yes|permanent dead link|dead link}}]
49. ↑ Lucchetti, A.; MacDonald, A. (20 November 2006). "Nasdaq Makes Bid to Buy Rest of London Stock Exchange". The Wall Street Journal. https://www.wsj.com/articles/SB116400769286328180.
50. ↑ "LSE rejects £2.7bn Nasdaq offer". BBC News. 20 November 2006. http://news.bbc.co.uk/1/hi/business/6164376.stm.
51. ↑ "Nasdaq fails in takeover bid for London Stock Exchange". International Herald Tribune. 11 February 2007. https://www.nytimes.com/2007/02/11/business/worldbusiness/11iht-nasdaq.4549290.html.
52. ↑ "Sale Update". reuters.co.uk. 20 August 2007. http://investing.reuters.co.uk/news/articleinvesting.aspx?type=mergersNews&storyID=2007-08-20T091233Z_01_L2025258_RTRIDST_0_LSE-NASDAQ-SALE-UPDATE-1.XML.
53. ↑ Magnusson, N.; McSheehy, W. (20 September 2007). "Dubai to Buy Stakes in Nasdaq, LSE; Strikes OMX Deal". bloomberg.com. https://www.bloomberg.com/apps/news?pid=20601087&sid=aqzGAS7oAezg&refer=home.
54. ↑ "LSE agrees merger with TMX of Canada". BBC News. 9 February 2011. https://www.bbc.co.uk/news/business-12400785.
55. ↑ "Announcement re LSEG/TMX Group merger – London Stock Exchange". Londonstockexchangegroup.com. http://www.londonstockexchangegroup.com/newsroom/2011pressreleases/lseannouncementrelsegtmxgroupmerger.htm.
56. ↑ "SETSqx and SEAQ". https://www.lseg.com/areas-expertise/our-markets/london-stock-exchange/equities-markets/trading-services/domestic-trading-services/setsqx.
57. ↑ "'London Stock Exchange'". https://www.heraldry-wiki.com/heraldrywiki/index.php?title=London_Stock_Exchange.

## Further reading

* Michie, R. C. (1999). The London Stock Exchange: A History. Oxford: Oxford University Press. ISBN 0-19-829508-1.

## External links

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|

NYSE: GSK
FTSE 100 Component
Industry| Pharmaceutical
Biotechnology
Consumer goods
Predecessors|

* Glaxo Wellcome
* SmithKline Beecham

Founded| December 2000; 25 years ago (2000-12)
Headquarters| 980 Great West Road,

London

UK[1]

Area served

| Worldwide

Key people

| Jonathan Symonds (Chairperson)
Emma Walmsley (CEO)
Products| Pharmaceuticals, vaccines, oral healthcare, nutritional products, over-the-counter medicines
Revenue|  yes|yes|GB|}}£34.099 billion[2] (2020)

Operating income

|  GB£7.783 billion[2] (2020)

Net income

|  GB£5.749 billion[2] (2020)
Total assets|  GB£80.431 billion[2] (2020)
Total equity|  GB£20.808 billion[2] (2020)

Number of employees

| 99,000 (2021)[3]
Subsidiaries|

* Stiefel Laboratories
* Tesaro
* ViiV Healthcare (76.5%)

Website| {{{1}}}

GlaxoSmithKline plc (GSK) is a British multinational pharmaceutical company headquartered in London, England.[4] Established in 2000 by a merger of Glaxo Wellcome and SmithKline Beecham, GSK was the world's sixth largest pharmaceutical company according to Forbes as of 2019, after Pfizer, Novartis, Roche, Sanofi, and Merck & Co.[n 1][5] GSK is the tenth largest pharmaceutical company and #296 on the 2019 Fortune 500, ranked behind other pharmaceutical companies including China Resources, Johnson & Johnson, Roche, Sinopharm, Pfizer, Novartis, Bayer, Merck, and Sanofi.[6]

The company has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. As of August 2016[update], it had a market capitalisation of £81 billion (about US$107 billion), the fourth largest on the London Stock Exchange.[7] It has a secondary listing on the New York Stock Exchange.

The company developed the first malaria vaccine, RTS,S, which it said in 2014 it would make available for five percent above cost.[8] Legacy products developed at GSK include several listed in the World Health Organization's List of Essential Medicines, such as amoxicillin, mercaptopurine, pyrimethamine, and zidovudine.[9]

In 2012, under prosecution by the United States Department of Justice (DoJ) based on combined investigations of the Department of Health and Human Services (HHS-OIG), FDA and FBI, primarily concerning sales and marketing of the drugs Avandia, Paxil, and Wellbutrin, GSK pleaded guilty to promotion of drugs for unapproved uses, failure to report safety data, and kickbacks to physicians in the United States and agreed to pay a US$3 billion (£1.9bn) settlement. It was the largest health-care fraud case to date in the US and the largest settlement by a drug company.[10]

## History

### Glaxo Wellcome

The Glaxo factory built in 1918, in Bunnythorpe, New Zealand, with the Glaxo Laboratories sign still visible

#### Glaxo

Joseph Nathan and Co. was founded in 1873, as a general trading company in Wellington, New Zealand, by a Londoner, Joseph Edward Nathan.[11] In 1904, it began producing a dried-milk baby food from excess milk produced on dairy farms near Bunnythorpe. The resulting product was first known as Defiance, then as Glaxo (from lacto), and sold with the slogan "Glaxo builds bonnie babies."[12][13]: 306 [14] The Glaxo Laboratories sign is still visible (right) on what is now a car repair shop on the main street of Bunnythorpe. The company's first pharmaceutical product, released in 1924, was vitamin D.[13]: 306

Glaxo Laboratories was incorporated as a distinct subsidiary company in London in 1935.[15] Joseph Nathan's shareholders reorganised the group's structure in 1947, making Glaxo the parent[16] and obtained a listing on the London Stock Exchange.[17] Glaxo acquired Allen & Hanburys in 1958. The Scottish pharmacologist David Jack was hired as a researcher for Allen & Hanburys a few years after Glaxo took it over; he went on to lead the company's R&D until 1987.[13]: 306 After Glaxo bought Meyer Laboratories in 1978, it began to play an important role in the US market. In 1983, the American arm, Glaxo Inc., moved to Research Triangle Park (US headquarters/research) and Zebulon (US manufacturing) in North Carolina.[14]

#### Burroughs Wellcome

Burroughs Wellcome Logo

Burroughs Wellcome & Company was founded in 1880, in London by the American pharmacists Henry Wellcome and Silas Burroughs. The Wellcome Tropical Research Laboratories opened in 1902. In the 1920s Burroughs Wellcome established research and manufacturing facilities in Tuckahoe, New York,[18]: 18 [19][20] which served as the US headquarters until the company moved to Research Triangle Park in North Carolina in 1971.[21][22] The Nobel Prize winning scientists Gertrude B. Elion and George H. Hitchings worked there and invented drugs still used many years later, such as mercaptopurine.[23] In 1959, the Wellcome Foundation bought Cooper, McDougall & Robertson Inc to become more active in animal health.[14]

When Burroughs Wellcome decided to move its headquarters, the company selected Paul Rudolph to design its new building. The Elion-Hitchings Building "was celebrated worldwide when it was built," according to Paul Rudolph Heritage Foundation president Kelvin Dickinson. Alex Sayf Cummings of Georgia State University wrote in 2016 that the "iconic building helped define the image of RTP," saying, "Love it or hate it, Rudolph's design remains an impressively audacious creative gesture and an important part of the history of both architecture and Research Triangle Park."[24] United Therapeutics, which bought the building in 2012, announced plans in 2020 to tear it down.[24]

#### Merger

Logo Used prior to merger with SmithKline Beecham

Glaxo and Wellcome merged in 1995, to form Glaxo Wellcome plc.[25][13] Glaxo Wellcome restructured its R&D operation that year, cutting 10,000 jobs worldwide, closing its R&D facility in Beckenham, Kent, and opening a Medicines Research Centre in Stevenage, Hertfordshire.[26][27][28] Also that year, Glaxo Wellcome acquired the California-based Affymax, a leader in the field of combinatorial chemistry.[29]

By 1999, Glaxo Wellcome had become the world's third-largest pharmaceutical company by revenues (behind Novartis and Merck), with a global market share of around 4 per cent.[30] Its products included Imigran (for the treatment of migraine), salbutamol (Ventolin) (for the treatment of asthma), Zovirax (for the treatment of coldsores), and Retrovir and Epivir (for the treatment of AIDS). In 1999, the company was the world's largest manufacturer of drugs for the treatment of asthma and HIV/AIDS.[31] It employed 59,000 people, including 13,400 in the UK, had 76 operating companies and 50 manufacturing facilities worldwide, and seven of its products were among the world's top 50 best-selling pharmaceuticals. The company had R&D facilities in Hertfordshire, Kent, London and Verona (Italy), and manufacturing plants in Scotland and the north of England. It had R&D centres in the US and Japan, and production facilities in the US, Europe and the Far East.[32]

### SmithKline Beecham

#### Beecham

Beecham's Clock Tower, constructed 1877, part of the Beecham's factory, St Helens

In 1848, Thomas Beecham launched his Beecham's Pills laxative in England, giving birth to the Beecham Group. In 1859, Beecham opened its first factory in St Helens, Lancashire. By the 1960s Beecham was extensively involved in pharmaceuticals and consumer products such as Macleans toothpaste, Lucozade and synthetic penicillin research.[14][33]

#### SmithKline

Logo SmithKline & French, prior to Merger with Beecham Group

John K. Smith opened his first pharmacy in Philadelphia in 1830. In 1865, Mahlon Kline joined the business, which 10 years later became Smith, Kline & Co. In 1891, it merged with French, Richard and Company, and in 1929, changed its name to Smith Kline & French Laboratories as it focused more on research. Years later it bought Norden Laboratories, a business doing research into animal health, and Recherche et Industrie Thérapeutiques in Belgium in 1963, to focus on vaccines. The company began to expand globally, buying seven laboratories in Canada and the United States in 1969. In 1982, it bought Allergan, a manufacturer of eye and skincare products.[14]

Smith Kline & French merged with Beckman Inc. in 1982, and changed its name to SmithKline Beckman.[34] In 1988, it bought International Clinical Laboratories.[35]

#### Merger

In 1989, SmithKline Beckman merged with Beecham Group to form SmithKline Beecham P.L.C..[36] The headquarters moved from the United States to England. To expand R&D in the United States, the company bought a new research center in 1995; another opened in 1997, in England at New Frontiers Science Park, Harlow.[14]

SmithKline & French and Beecham Group Merged

### 2000: Glaxo Wellcome and SmithKline Beecham merger

Glaxo Wellcome and SmithKline Beecham announced their intention to merge in January 2000. The merger was completed in December that year, forming GlaxoSmithKline (GSK).[37][38] The company's global headquarters are at GSK House, Brentford, London, officially opened in 2002, by then-Prime Minister Tony Blair. The building was erected at a cost of £300 million and as of 2002[update] was home to 3,000 administrative staff.[39]

### 2001–2010

Andrew Witty, GSK's CEO from May 2008, to April 2017

GSK completed the acquisition of New Jersey-based Block Drug in 2001, for US$1.24 billion.[40] In 2006, GSK acquired the US-based consumer healthcare company CNS Inc., whose products included Breathe Right nasal strips and FiberChoice dietary supplements, for US$566 million in cash.[41]

Chris Gent, previously CEO of Vodafone, was appointed chairman of the board in 2005.[42] GSK opened its first R&D centre in China in 2007, in Shanghai, initially focused on neurodegenerative diseases.[43] Andrew Witty became the chief executive officer in 2008.[44] Witty joined Glaxo in 1985, and had been president of GSK's Pharmaceuticals Europe since 2003.[45]

In 2009, GSK acquired Stiefel Laboratories, then the world's largest independent dermatology drug company, for US$3.6 billion.[46] In November 2009, the FDA approved GSK's vaccine for 2009 H1N1 influenza protection, manufactured by the company's ID Biomedical Corp in Canada.[47] Also in November 2009, GSK formed a joint venture with Pfizer to create ViiV Healthcare, which specializes in HIV research.[48] In 2010, the company acquired Laboratorios Phoenix, an Argentine pharmaceutical company, for US$253m,[49] and the UK-based sports nutrition company Maxinutrition for £162 million (US$256 million).[50]

### 2011–present

In 2011, in a US$660-million deal, Prestige Brands Holdings took over 17 GSK brands with sales of US$210 million, including BC Powder, Beano, Ecotrin, Fiber Choice, Goody's Powder, Sominex and Tagamet.[51] In 2012, the company announced that it would invest £500 million in manufacturing facilities in Ulverston, northern England, designating it as the site for a previously announced biotech plant.[52] In May that year it acquired CellZome, a German biotech company, for US$98 million,[53] and in June worldwide rights to alitretinoin (Toctino), an eczema drug, for US$302 million.[54] In 2013, GSK acquired Human Genome Sciences (HGS) for US$3 billion; the companies had collaborated on developing the lupus drug Belimumab (Benlysta), albiglutide for type 2 diabetes, and darapladib for atherosclerosis,[55] and in September, sold its beverage division to Suntory. This included the brands Lucozade and Ribena; however, the deal did not include Horlicks.[56]

In March 2014, GSK paid US$1 billion to raise its stake in its Indian pharmaceutical unit, GlaxoSmithKline Pharmaceuticals, to 75 percent as part of a move to focus on emerging markets.[57] In April 2014, Novartis and Glaxo agreed on more than US$20 billion in deals, with Novartis selling its vaccine business to GSK and buying GSK's cancer business.[58][59] In February 2015, GSK announced that it would acquire GlycoVaxyn, a Swiss pharmaceutical company, for US$190 million,[60] and in June that year that it would sell two meningitis drugs to Pfizer, Nimenrix and Mencevax for around US$130 million.[61]

Philip Hampton, at that time chair of the Royal Bank of Scotland, became GSK chairman in September 2015.[62]

On 31 March 2017, Emma Walmsley became CEO. She is the first female CEO of the company.[63][64]

In December 2017, Reuters reported that Glaxo had increased its stake in its Saudi Arabian unit to 75% (from 49%) taking over control from its Saudi partner Banaja KSA Holding Company.[65]

With respect to rare diseases, the company divested its portfolio of gene therapy drugs to Orchard Therapeutics in April 2018.[66] In November 2018, Reuters reported that Unilever was in prime position to acquire GSK's interest in its Indian unit, GlaxoSmithKline Consumer Healthcare Ltd, in a sale that could generate around US$4 billion for the company.[67] Nestlé and Coca-Cola have also been reported to be interested in the business unit as they look to strengthen their presence in India.[67][68] On 3 December 2018, GSK announced that Unilever would acquire the Indian-listed GlaxoSmithKline Consumer Healthcare business for US$3.8 billion (£2.98 billion). Unilever will pay the majority of the deal in cash, with the remaining being paid in shares in its Indian operation, Hindustan Unilever Limited. Upon completion, GSK will then own around 5.7% of Hindustan Unilever Limited, selling those shares in a number of tranches.[69] The same day, the company also announced it would acquire oncology specialist, Tesaro, for US$5.1 billion. The deal will give GSK control of ovarian cancer treatment, Zejula - a member of the class of poly ADP ribose polymerase (PARP) inhibitors.[70]

In October 2019, GSK agreed to sell its rabies vaccine, RabAvert, and its tick-borne encephalitis vaccine, Encepur, to Bavarian Nordic for US$1.06 billion (€955 million).[71][72]

In July 2020, GSK acquired a 10% stake in German biotech company CureVac.[73]

#### GSK–Novartis consumer healthcare buy-out

In March 2018, GSK announced that it has reached an agreement with Novartis to acquire Novartis's 36.5% stake in their Consumer Healthcare Joint Venture for US$13 billion (£9.2 billion).[74][66]

#### GSK–Pfizer joint venture

In December 2018, GSK announced that it, along with Pfizer, had reached an agreement to merge and combine their consumer healthcare divisions into a single entity. The combined entity would have sales of around £9.8 billion ($12.7 billion), with GSK maintaining a 68% controlling stake in the joint venture. Pfizer would own the remaining 32% shareholding. The deal builds on an earlier 2018 deal where GSK bought out Novartis' stake in the GSK-Novartis consumer healthcare joint business.[75]

#### Subsequent split

The culmination of the Consumer Healthcare string of deals will result in GSK splitting into two separate companies, via a demerger and subsequent listing of the joint venture. This will create two publicly traded companies, one focusing on pharmaceuticals and research & development, the other on consumer healthcare.[75]

### Venture arms

SR One was established in 1985, by SmithKline Beecham to invest in new biotechnology companies and continued operating after GSK was formed; by 2003, GSK had formed another subsidiary, GSK Ventures, to out-license or start new companies around drug candidates that it did not intend to develop further.[76] As of 2003[update], SR One tended to invest only if the company aligned with GSK's business.[76]

In September 2019, GSK announced it would acquire Sitari Pharmaceuticals and its transglutaminase 2 small molecule program for the treatment of celiac disease.[77]

## Research areas and products

### Pharmaceuticals

GSK manufactures products for major disease areas such as asthma, cancer, infections, diabetes and mental health. Medicines historically discovered or developed at GSK and its legacy companies and now sold as generics include amoxicillin[78] and amoxicillin-clavulanate,[79] ticarcillin-clavulanate,[80] mupirocin,[81] and ceftazidime[82] for bacterial infections, zidovudine for HIV infection, valacyclovir for herpes virus infections, albendazole for parasitic infections, sumatriptan for migraine, lamotrigine for epilepsy, bupropion and paroxetine for major depressive disorder, cimetidine and ranitidine for gastroesophageal reflux disorder, mercaptopurine[83] and thioguanine[84] for the treatment of leukemia, allopurinol for gout,[85] pyrimethamine for malaria,[86] and the antibacterial trimethoprim.[84]

Among these, albendazole, amoxicillin, amoxicillin-clavulanate, allopurinol, mercaptopurine, mupirocin, pyrimethamine, ranitidine, thioguanine, trimethoprim, and zidovudine are on the World Health Organization's List of Essential Medicines.[9]

### Malaria vaccine

In 2014, GSK applied for regulatory approval for the first malaria vaccine.[8] Malaria is responsible for over 650,000 deaths annually, mainly in Africa.[87] Known as RTS,S, the vaccine was developed as a joint project with the PATH vaccines initiative and the Bill and Melinda Gates Foundation. The company has committed to making the vaccine available in developing countries for five percent above the cost of production.[8]

As of 2013[update], RTS,S, which uses GSK's proprietary AS01 adjuvant, was being examined in a Phase 3 trial in eight African countries. PATH reported that "[i]n the 12-month period following vaccination, RTS,S conferred approximately 50% protection from clinical Plasmodium falciparum disease in children aged 5-17 months, and approximately 30% protection in children aged 6-12 weeks when administered in conjunction with Expanded Program for Immunization (EPI) vaccines."[88] In 2014, Glaxo said it had spent more than US$350 million and expected to spend an additional US$260 million before seeking regulatory approval.[89][90]

### Consumer healthcare

Some Aquafresh products

GSK's consumer healthcare division, which earned £5.2 billion in 2013, sells oral healthcare, including Aquafresh, Macleans and Sensodyne toothpastes; and drinks such as Horlicks, Boost and a chocolate-flavoured malt drink sold in India. GSK also previously owned the Lucozade and Ribena brands of soft drinks, but they were sold in 2013, to Suntory for £1.35bn.[56] Other products include Abreva to treat cold sores; Night Nurse, a cold remedy; Breathe Right nasal strips; and Nicoderm and Nicorette nicotine replacements.[91] In March 2014, it recalled Alli, an over-the-counter weight-loss drug, in the United States and Puerto Rico because of possible tampering, following customer complaints.[92]

### Facilities

As of 2013[update], GSK had offices in over 115 countries and employed over 99,000 people, 12,500 in R&D. The company's single largest market is the United States. Its US headquarters are in The Navy Yard, Philadelphia, and Research Triangle Park, North Carolina; its consumer-products division is in Moon Township, Pennsylvania.[93]

### COVID-19 vaccine

In July 2020, the UK government signed up for 60 million doses of a COVID-19 vaccine developed by GSK and Sanofi. It uses a recombinant protein-based technology from Sanofi and GSK's pandemic technology. The companies claimed to be able to produce one billion doses, subject to successful trials and regulatory approval, during the first half of 2021.[94] The company also agreed to a $2.1 billion deal with the United States to produce 100 million doses of the vaccine.[95]

## Recognition, philanthropy and social responsibility

### Scientific recognition

Four GlaxoSmithKline scientists have been recognized by the Nobel Committee for their contributions to basic medical science and/or therapeutics development.

* Henry Dale, a former student of Paul Ehrlich, received the 1936 Nobel Prize in Medicine for his work on the chemical transmission of neural impulses. Dale served as a pharmacologist and then as Director of the Wellcome Physiological Research Laboratories from 1904 to 1914, and later served as Trustee and chairman of the board of the Wellcome Trust.[96]
* John Vane of Wellcome Research Laboratories shared the 1982 Nobel Prize for Medicine for his work on prostaglandin biology and the discovery of prostacyclin. Vane served as Group Research and Development Director for The Wellcome Foundation from 1973 to 1985.[97]
* Gertrude B. Elion and George Hitchings, both of the Wellcome Research Laboratories, shared the 1988 Nobel Prize in Medicine with Sir James W. Black, formerly of Smith Kline & French and the Wellcome Foundation, ""for their discoveries of important principles for drug treatment"." Elion and Hitchings were responsible for the discovery of a plethora of important drugs, including mercaptopurine[83] and thioguanine[84] for the treatment of leukemia, the immunosuppressant azothioprine,[98] allopurinol for gout,[85] pyrimethamine for malaria,[86] the antibacterial trimethoprim,[84] acyclovir for herpes virus infection,[99] and nelarabine for cancer treatment.[100]

### Philanthropy and social responsibility

Since 2010, GlaxoSmithKline has several times ranked first among pharmaceutical companies on the Global Access to Medicines Index, which is funded by the Bill and Melinda Gates Foundation.[101] In 2014, the Human Rights Campaign, an LGBT-rights advocacy group gave GSK a score of 100 percent in its Corporate Equality Index.[102]

GSK has been active, with the World Health Organization (WHO), in the Global Alliance to Eliminate Lymphatic Filariasis (GAELF). Around 120 million people globally are believed to be infected with lymphatic filariasis.[103] In 2012, the company endorsed the London Declaration on Neglected Tropical Diseases; it agreed to donate 400 million albendazole tablets to the WHO each year to fight soil-transmitted helminthiasis and to provide 600 million albendazole tablets every year for lymphatic filariasis until the disease is eradicated.[104] As of 2014[update], over 5 billion treatments had been delivered, and 18 of 73 countries in which the disease is considered endemic had progressed to the surveillance stage.[105]

In 2009, the company said it would cut drug prices by 25 percent in 50 of the poorest nations, release intellectual property rights for substances and processes relevant to neglected disease into a patent pool to encourage new drug development, and invest 20 percent of profits from the least-developed countries in medical infrastructure for those countries.[106][107] Médecins Sans Frontières welcomed the decision, but criticized GSK for failing to include HIV patents in its patent pool and for not including middle-income countries in the initiative.[108]

In 2013, GSK licensed its HIV portfolio to the Medicines Patent Pool for use in children, and agreed to negotiate a license for dolutegravir, an integrase inhibitor then in clinical development.[109] In 2014, this license was extended to include dolutegravir and adults with HIV. The licenses include countries in which 93 percent of adults and 99 percent of children with HIV live.[110] Also in 2013 GSK joined AllTrials, a British campaign to ensure that all clinical trials are registered and the results reported. The company said it would make its past clinical-trial reports available and future ones within a year of the studies' end.[111]

## Controversies

### 2012 criminal and civil settlement

#### Overview

In July 2012, GSK pleaded guilty in the United States to criminal charges, and agreed to pay US$3 billion, in what was the largest settlement until then between the Justice Department and a drug company. The US$3 billion included a criminal fine of US$956,814,400 and forfeiture of US$43,185,600. The remaining US$2 billion covered a civil settlement with the government under the False Claims Act. The investigation was launched largely on the basis of information from four whistleblowers who filed qui tam (whistleblower) lawsuits against the company under the False Claims Act.[10]

The charges stemmed from GSK's promotion of the anti-depressants Paxil (paroxetine) and Wellbutrin (bupropion) for unapproved uses from 1998 to 2003, specifically as suitable for patients under the age of 18, and from its failure to report safety data about Avandia (rosiglitazone), both in violation of the Federal Food, Drug, and Cosmetic Act. Other drugs promoted for unapproved uses were two inhalers, Advair (fluticasone/salmeterol) and Flovent (fluticasone propionate), as well as Zofran (ondansetron), Imitrex (sumatriptan), Lotronex (alosetron) and Valtrex (valaciclovir).[10]

The settlement also covered reporting false best prices and underpaying rebates owed under the Medicaid Drug Rebate Program, and kickbacks to physicians to prescribe GSK's drugs. There were all-expenses-paid spa treatments and hunting trips for doctors and their spouses, speakers' fees at conferences, and payment for articles ghostwritten by the company and placed by physicians in medical journals.[10] The company set up a ghostwriting programme called CASPPER, initially to produce articles about Paxil but which was extended to cover Avandia.[112]

As part of the settlement GSK signed a five-year corporate integrity agreement with the Department of Health and Human Services, which obliged the company to make major changes in the way it did business, including changing its compensation programmes for its sales force and executives, and to implement and maintain transparency in its research practices and publication policies.[10] It announced in 2013, that it would no longer pay doctors to promote its drugs or attend medical conferences, and that its sales staff would no longer have prescription targets.[113]

#### Rosiglitazone (Avandia)

Rosiglitazone

The 2012 settlement included a criminal fine of US$242,612,800 for failing to report safety data to the FDA about Avandia (rosiglitazone), a diabetes drug approved in 1999, and a civil settlement of US$657 million for making false claims about it. The Justice Department said GSK had promoted rosiglitazone to physicians with misleading information, including that it conferred cardiovascular benefits despite an FDA-mandated label warning of cardiovascular risks.[10]

In 1999, John Buse, a diabetes specialist, told medical conferences that rosiglitazone might carry an increased risk of cardiovascular problems. GSK threatened to sue him, called his university head of department, and persuaded him to sign a retraction.[114] GSK raised questions internally about the drug's safety in 2000, and in 2002, the company ghostwrote an article in Circulation describing a GSK funded clinical trial that suggested rosiglitazone might have a beneficial effect on cardiovascular risk.[115] From 2001, reports began to link the thiazolidinediones (the class of drugs to which rosiglitazone belongs) to heart failure.[116] In April that year, GSK began a six-year, open-label, randomized trial, known as RECORD, to examine rosiglitazone and cardiovascular events.[117] Two GSK meta-analyses in 2005, and 2006, showed an increased risk of cardiovascular problems with rosiglitazone; the information was passed to the FDA and posted on the company website, but not otherwise published. By December 2006, rosiglitazone had become the top-selling diabetes drug, with annual sales of US$3.3 billion.[116]

In June 2007, The New England Journal of Medicine published a meta-analysis that associated the drug with an increased risk of heart attack.[118] GSK had reportedly tried to persuade one of the authors, Steven Nissen, not to publish it, after receiving an advance copy from one of the journal's peer reviewers, a GSK consultant.[119][120] In July 2007, FDA scientists suggested that rosiglitazone had caused 83,000 excess heart attacks between 1999 and 2007.[121]: 4 [122] The FDA placed restrictions on the drug, including adding a boxed warning, but did not withdraw it.[123] (In 2013, the FDA rejected that the drug had caused excess heart attacks.)[124] A Senate Finance Committee inquiry concluded in 2010, that GSK had sought to intimidate scientists who had concerns about rosiglitazone.[121] In February that year the company tried to halt publication of an editorial about the controversy by Nissen in the European Heart Journal.[125]

The results of GSK's RECORD trial were published in June 2009. It confirmed an association between rosiglitazone and an increased risk of heart failure and fractures, but not of heart attack, and concluded that it "does not increase the risk of overall cardiovascular morbidity or mortality compared with standard glucose-lowering drugs."[117] Steven Nissan and Kathy Wolkski argued that the study's low event rates reduced its statistical power.[126] In September 2009, rosiglitazone was suspended in Europe.[127] The results of the RECORD study were confirmed in 2013, by the Duke Clinical Research Institute, in an independent review required by the FDA.[128] In November that year the FDA lifted the restrictions it had placed on the drug.[129] The boxed warning about heart attack was removed; the warning about heart failure remained in place.[124]

#### Paroxetine (Paxil/Seroxat)

Paroxetine, known as Paxil and Seroxat

GSK was fined for promoting Paxil/Seroxat (paroxetine) for treating depression in the under-18s, although the drug had not been approved for pediatric use.[10] Paxil had US$4.97 billion worldwide sales in 2003.[130] The company conducted nine clinical trials between 1994, and 2002, none of which showed that Paxil helped children with depression.[131] From 1998, to 2003, it promoted the drug for the under-18s, paying physicians to go on all-expenses paid trips, five-star hotels and spas.[10] From 2004, Paxil's label, along with those of similar drugs, included an FDA-mandated boxed warning that it might increase the risk of suicidal ideation and behaviour in patients under 18.[10]

An internal SmithKline Beecham document said in 1998, about withheld data from two GSK studies: "It would be commercially unacceptable to include a statement that [pediatric] efficacy had not been demonstrated, as this would undermine the profile of paroxetine."[130][132] The company ghostwrote an article, published in 2001, in the Journal of the American Academy of Child and Adolescent Psychiatry, that misreported the results of one of its clinical trials, Study 329.[10][133] The article concluded that Paxil was "generally well tolerated and effective for major depression in adolescents."[134] The suppression of the research findings is the subject of the 2008 book Side Effects by Alison Bass.[135][136]

For 10 years GSK marketed Paxil as non-habit forming. In 2001, 35 patients filed a class-action suit alleging they had suffered withdrawal symptoms, and in 2002, a Los Angeles court issued an injunction preventing GSK from advertising that the drug was not habit forming.[137] The court withdrew the injunction after the FDA objected that the court had no jurisdiction over drug marketing that the FDA had approved.[138] In 2003, a World Health Organization committee reported that Paxil was among the top 30 drugs, and top three antidepressants, for which dependence had been reported.[139][n 2]

#### Bupropion (Wellbutrin)

The company was also fined for promoting Wellbutrin (bupropion) – approved at the time for major depressive disorder and also sold as a smoking-cessation aid, Zyban – for weight loss and the treatment of attention deficit hyperactivity disorder, sexual dysfunction and substance addiction. GSK paid doctors to promote these off-label uses, and set up supposedly independent advisory boards and Continuing Medical Education programmes.[10]

### 2010 Pandemrix connected with narcolepsy

The Pandemrix influenza vaccine was developed by GlaxoSmithKlinefIn in 2006. It was used by Finland and Sweden in the H1N1 mass vaccination of the population against the 2009 swine flu pandemic. In August 2010, The Swedish Medical Products Agency (MPA) and The Finnish National Institute for Health and Welfare (THL) launched investigations regarding the development of narcolepsy as a possible side effect to Pandemrix flu vaccination in children,[140] and found a 6.6-fold increased risk among children and youths, resulting in 3.6 additional cases of narcolepsy per 100,000 vaccinated subjects.[141]

In February 2011, The Finnish National Institute for Health and Welfare (THL) concluded that there is a clear connection between the Pandemrix vaccination campaign of 2009 and 2010 and the narcolepsy epidemic in Finland. A total of 152 cases of narcolepsy were found in Finland during 2009–2010, and ninety percent of them had received the Pandemrix vaccination.[142][143][144] Sweden however observed very few influenza cases totally in 2009 and especially 2010 as compared to most other years.[145] In 2015 it was reported that the British Department of Health was paying for Sodium oxybate medication for 80 patients who are taking legal action over problems linked to the use of the swine flu vaccine, at a cost to the government of £12,000 per patient per year.[146]

### 1973 Antitrust case over griseofulvin

In the 1960s Glaxo Group Ltd. (Glaxo) and Imperial Chemical Industries (ICI) each owned patents covering various aspects of the antifungal drug griseofulvin.[147]: 54, nn. 1–2 [148] They created a patent pool by cross-licensing their patents, subject to express licensing restrictions that the chemical from which the "finished" form of the drug (tablets and capsules) was made must not be resold in bulk form, and they licensed other drug companies to sell the drug in finished form and subject to similar restrictions.[147]: 54–55 [148] The effect and intent of the bulk-sale restriction was to keep the drug chemical out of the hands of small companies that might act as price-cutters, and the effect was to maintain stable, uniform prices.[149][150][151]

The United States brought an antitrust suit against the two companies—United States v. Glaxo Group Ltd.—charging them with violation of the Sherman Act and also seeking to have the patents declared invalid.[147]: 55 [148] The trial court found that the defendants had engaged in several unlawful conspiracies, but dismissed the part of the suit seeking invalidation of patents and refused to grant as relief mandatory sales of the bulk drug chemical and compulsory licensing of the patents.[147]: 56 [148] The government appealed to the Supreme Court, which reversed, in United States v. Glaxo Group Ltd., 410 U.S. 52 (1973).[148]

### 2000s Ribena

Old Ribena bottle, year unknown, made by Beecham Products, Brentford, Middlesex; the label states: "widely used in hospitals and clinics."

There were concerns in the 2000s about the sugar and vitamin content of Ribena, a blackcurrant-based syrup and soft drink owned by GSK until 2013. Produced in England by H.W. Carter & Co from the 1930s, the company's unbranded syrup was distributed to children as a source of vitamin C during World War II, which gave the drink a reputation as good for health. Beecham bought H. W. Carter in 1955.[152]

In 2001, the British Advertising Standards Authority (ASA) required GSK to withdraw its claim that Ribena Toothkind, a lower-sugar variety, did not encourage tooth decay. A company poster showed bottles of Toothkind in place of the bristles on a toothbrush. The ASA's ruling was upheld by the High Court.[153] In 2007, GSK was fined US$217,000 in New Zealand over its claim that ready-to-drink Ribena contained high levels of vitamin C, after it was found to contain no detectable vitamin C.[154] In 2013, GSK sold Ribena and another drink, Lucozade, to the Japanese multinational Suntory for £1.35 billion.[56]

### SB Pharmco Puerto Rico

In 2010, the US Department of Justice announced that GSK would pay a US$150 million criminal fine and forfeiture, and a civil settlement of US$600 million under the False Claims Act. The fines stemmed from production of improperly made and adulterated drugs from 2001 to 2005, at GSK's subsidiary, SB Pharmco Puerto Rico Inc., in Cidra, Puerto Rico, which at the time produced US$5.5 billion of products each year. The drugs involved were Kytril, an antiemetic; Bactroban, used to treat skin infections; Paxil, the anti-depressant; and Avandamet, a diabetes drug.[155] GSK closed the factory in 2009.[156]

The case began in 2002, when GSK sent experts to fix problems cited by the FDA. The lead inspector recommended recalls of defective products, but they were not authorised; she was fired in 2003, and filed a whistleblower lawsuit. In 2005, federal marshals seized US$2 billion worth of products, the largest such seizure in history. In the 2010 settlement SB Pharmco pleaded guilty to criminal charges, and agreed to pay US$150 million in a criminal fine and forfeiture, at that time the largest such payment ever by a manufacturer of adulterated drugs, and US$600 million in civil penalties to settle the civil lawsuit.[156]

### China

In 2013, Chinese authorities announced that, since 2007, GSK had funnelled HK$3.8 billion in kickbacks to GSK managers, doctors, hospitals and others who prescribed their drugs, using over 700 travel agencies and consulting firms.[157] Chinese authorities arrested four GSK executives as part of a four-month investigation into claims that doctors were bribed with cash and sexual favours.[158] In 2014, a Chinese court found the company guilty of bribery and imposed a fine of US$490 million. Mark Reilly, the British head of GSK's Chinese operations, received a three-year suspended prison sentence after a one-day trial held in secret.[159] Reilly was reportedly deported from China and dismissed by the company.[160]

### Market manipulation in the UK

In February 2016, the company was fined over £37 million in the UK by the Competition and Markets Authority for paying Generics UK, Alpharma and Norton Healthcare more than £50m between 2001, and 2004, to keep generic varieties of paroxetine out of the UK market. The generics companies were fined a further £8 million. At the end of 2003, when generics became available in the UK, the price of paroxetine dropped by 70 percent.[161]

### Miscellaneous

Italian police sought bribery charges in May 2004, against 4,400 doctors and 273 GSK employees. GSK and its predecessor were accused of having spent £152m on physicians, pharmacists and others, giving them cameras, computers, holidays and cash. Doctors were alleged to have received cash based on the number of patients they treated with a cancer drug, topotecan (Hycamtin).[162] The following month prosecutors in Munich accused 70–100 doctors of having accepted bribes from SmithKline Beecham between 1997, and 1999. The inquiry was opened over allegations that the company had given over 4,000 hospital doctors money and free trips.[163] All charges were dismissed by the Verona court in January 2009.[164]

In 2006, in the United States GSK settled the largest tax dispute in IRS history, agreeing to pay US$3.1 billion. At issue were Zantac and other products sold in 1989–2005. The case revolved around intracompany transfer pricing—determining the share of profit attributable to the US subsidiaries of GSK and subject to tax by the IRS.[165]

The UK's Serious Fraud Office (SFO) opened a criminal inquiry in 2014 into GSK's sales practices, using powers granted by the Bribery Act 2010.[166] The SFO said it was collaborating with Chinese authorities to investigate bringing charges in the UK related to GSK's activities in China, Europe and the Middle East.[167] Also as of 2014[update], the US Department of Justice was investigating GSK with reference to the Foreign Corrupt Practices Act.[168]

In October 2020, GSK told some staff that while at work they should disable the contact tracing function of the NHS test-and-trace app which monitors the spread of Covid-19. GSK explained the reason for this was due to social distancing measures in place at their sites rendering the technology unnecessary.[169]

## Acquisition-history diagram

GlaxoSmithKline Structure

* GlaxoSmithKline
* SmithKline Beecham Plc (Renamed 1989)
* SmithKline Beckman (Renamed 1982)
* SmithKline-RIT (Renamed 1968)
* Smith, Kline & French (Reorganized 1929 into Smith Kline and French Laboratories)
* French, Richards and Company (Acquired 1891)
* Smith, Kline and Company
* Recherche et Industrie Thérapeutiques (Acquired 1968)
* Beckman Instruments, Inc. (Merged 1982, Sold 1989)
* Specialized Instruments Corp. (Acquired 1954)
* Offner Electronics (Acquired 1961)
* International Clinical Laboratories (Acquired 1989)
* Reckitt & Colman (Acquired 1999)
* Beecham Group Plc (Merged 1989)
* Beecham Group Ltd
* S. E. Massengill Company (Acquired 1971)
* C.L. Bencard (Acquired 1953)
* County Chemicals
* Norcliff Thayer (Acquired 1986)
* Glaxo Wellcome
* Glaxo (Merged 1995)
* Joseph Nathan & Co
* Allen & Hanburys (Founded 1715, acquired 1958)
* Meyer Laboratories (Merged 1978)
* Affymax (Acquired 1995)
* Wellcome Foundation (Renamed 1924, merged 1995)
* Burroughs Wellcome & Company (Founded 1880)
* McDougall & Robertson Inc (Acquired 1959)
* Block Drug (Acquired 2001)
* CNS Inc. (Acquired 2006)
* Stiefel Laboratories (Acquired 2009)
* Laboratorios Phoenix (Acquired 2010)
* Maxinutrition (Acquired 2010)
* CellZome (Acquired 2011)
* Human Genome Sciences (Acquired 2013)
* GlycoVaxyn (Acquired 2015)
* Tesaro (Acquired 2019)
* Sitari Pharmaceuticals (Acquired 2019)

## See also

* List of toothpaste brands
* Galvani Bioelectronics
* Index of oral health and dental articles
* Recherche et Industrie Thérapeutiques (R.I.T.)

## Notes

1. ↑ Glaxo Wellcome was formed from Glaxo's 1995 acquisition of The Wellcome Foundation and SmithKline Beecham from the 1989 merger of the Beecham Group and the SmithKline Beckman Corporation.
2. ↑ World Health Organization Expert Committee on Drug Dependence, 2003: "The Committee noted the striking number of reports on paroxetine and 'withdrawal syndrome' ... The representative of Consumers International reported that a number of patients had experienced difficulty in withdrawing from SSRIs in general. It was agreed that withdrawal was indeed a problem in some patients, but there was a difference of opinion on the degree of dependence that was involved, given the possibility that the need for treatment of resistant or relapsing disease could make these drugs indispensable for patient care. The Committee expressed concern about the possibility of inappropriate prescribing resulting in the risk of problems of withdrawal outweighing the benefits of treatment with SSRIs."[139]

## References

1. ↑ "Headquarters". GlaxoSmithKline plc. https://www.gsk.com/en-gb/contact-us/headquarters/. "Our global headquarters are in the UK. We also have a significant presence in the USA and regional headquarters in Singapore."
2. ↑ 2.0 2.1 2.2 2.3 2.4 "Full year and fourth quarter 2020". GlaxoSmithKline. https://www.gsk.com/media/6557/fy-2020-results-announcement.pdf.
3. ↑ "Key Facts". GlaxoSmithKline. https://www.gsk.com/en-gb/about-us/key-facts/.
4. ↑ "GlaxoSmithKline on the Forbes Top Multinational Performers List". Forbes. https://www.forbes.com/companies/glaxosmithkline/.
5. ↑ "The World's Largest Public Companies 2019 ranking". Forbes. https://www.forbes.com/global2000/list/#industry:Pharmaceuticals.
6. ↑ "Global 500". https://fortune.com/global500/2019/search/?industry=Pharmaceuticals&revenues=desc.
7. ↑ "FTSE All-Share Index Ranking". stockchallenge.co.uk. http://www.stockchallenge.co.uk/ftse.php.
8. ↑ 8.0 8.1 8.2 Plumridge, Hester (24 July 2014). "Glaxo Files Its Entry in Race for a Malaria Vaccine". The Wall Street Journal. https://www.wsj.com/articles/glaxo-files-its-entry-in-race-for-a-malaria-vaccine-1406218538.

Lorenzetti, Laura (24 July 2014). "GlaxoSmithKline seeks approval on first-ever malaria vaccine". Fortune. http://fortune.com/2014/07/24/glaxosmithkline-seeks-approval-for-first-ever-malaria-vaccine/.

9. ↑ 9.0 9.1 World Health Organization model list of essential medicines: 21st list 2019. Geneva: World Health Organization. 2019. WHO/MVP/EMP/IAU/2019.06. License: CC BY-NC-SA 3.0 IGO.
10. ↑ 10.00 10.01 10.02 10.03 10.04 10.05 10.06 10.07 10.08 10.09 10.10 "GlaxoSmithKline to Plead Guilty and Pay $3 Billion to Resolve Fraud Allegations and Failure to Report Safety Data", United States Department of Justice, 2 July 2012.

Katie Thomas and Michael S. Schmidt, "Glaxo Agrees to Pay $3 Billion in Fraud Settlement", The New York Times , 2 July 2012.

Simon Neville, "GlaxoSmithKline fined $3bn after bribing doctors to increase drugs sales", The Guardian , 3 July 2012.

11. ↑ R. P. T. Davenport-Hines, Judy Slinn, Glaxo: A History to 1962, Cambridge University Press, 1992, pp. 7–13.
12. ↑ David Newton, Trademarked: A History of Well-Known Brands, from Airtex to Wright's Coal Tar, The History Press, 2012, p. 435.
13. ↑ 13.0 13.1 13.2 13.3 David J. Ravenscraft, William F. Long, "Paths to Creating Value in Pharmaceutical Mergers," in Steven N. Kaplan (ed.), Mergers and Productivity, University of Chicago Press, 2000.
14. ↑ 14.0 14.1 14.2 14.3 14.4 14.5 "GSK History". GlaxoSmithKline. http://www.gsk.com/about/history-noflash.htm.
15. ↑ New "Glaxo" Company. The Times, Tuesday, 15 October 1935; pg. 22; Issue 47195
16. ↑ J. Nathan And "Glaxo" Reorganization. The Times, Wednesday, 8 January 1947; pg. 8; Issue 50653
17. ↑ Joseph Nathan & Co. The Times, Thursday, 20 February 1947; pg. 8; Issue 50690
18. ↑ 1664-1964 "The Story of a Town", Tricentennial Committee.
19. ↑ "Addition to Factory", The Eastchester Citizen-Bulletin, 19 November 1924
20. ↑ Peter Pennoyer, Anne Walker, The Architecture of Delano & Aldrich, W. W. Norton & Company, 2003, p. 188.
21. ↑ "Iconic Burroughs Wellcome Headquarters Open for Rare Public Tour" , Triangle Modernist Houses, press release, 8 October 2012.
22. ↑ Cummings, Alex Sayf (13 June 2016). "Into the Spaceship: A Visit to the Old Burroughs Wellcome Building". https://tropicsofmeta.com/2016/06/13/into-the-spaceship-a-visit-to-the-old-burroughs-wellcome-building/.
23. ↑ Bouton, Katherine (29 January 1989). "The Nobel Pair". https://www.nytimes.com/1989/01/29/magazine/the-nobel-pair.html.
24. ↑ 24.0 24.1 Stradling, Richard (21 September 2020). "United Therapeutics to demolish an RTP landmark building". News & Observer. https://www.newsobserver.com/news/local/article245830330.html.
25. ↑ Mark S. Lesney, "The ghosts of pharma past", Modern Drug Discovery, January 2004, pp. 25–26.
26. ↑ "10,000 face Glaxo's axe at Wellcome". The Independent. 15 June 1995. https://www.independent.co.uk/news/business/10000-face-glaxos-axe-at-wellcome-1586547.html.
27. ↑ Grimond, Magnus (21 June 1995). "Glaxo warns of redundancies". The Independent. https://www.independent.co.uk/news/business/glaxo-warns-of-redundancies-1587568.html.
28. ↑ Grimond, Magnus (7 September 1995). "Glaxo Wellcome plans to axe 7,500 jobs". The Independent. https://www.independent.co.uk/news/business/glaxo-wellcome-plans-to-axe-7500-jobs-1600042.html.
29. ↑ "Glaxo to Acquire Affymax". 27 January 1995. https://www.nytimes.com/1995/01/27/business/glaxo-to-acquire-affymax.html.
30. ↑ "Outlook: Glaxo Wellcome". The Independent. 30 March 1999. https://www.independent.co.uk/news/business/outlook-glaxo-wellcome-1084036.html.
31. ↑ "Company of the week: Glaxo Wellcome". The Independent. 1 August 1999. https://www.independent.co.uk/news/business/company-of-the-week-glaxo-wellcome-1109929.html.
32. ↑ "Profile: Glaxo Wellcome". BBC News. 17 January 2000. http://news.bbc.co.uk/1/hi/business/606752.stm.
33. ↑ Corely, T.A.B. (2011). Beechams, 1848-2000: from Pills to Pharmaceuticals. Crucible Books. ISBN 978-1905472147.
34. ↑ Kleinfield, N. R. (29 May 1984). "Smithkline: One-Drug Image". The New York Times. ISSN 0362-4331. https://www.nytimes.com/1984/05/29/business/smithkline-one-drug-image.html.
35. ↑ "SmithKline Beckman Corp. and International Clinical Laboratories Inc. announced...". https://www.upi.com/Archives/1988/04/13/SmithKline-Beckman-Corp-and-International-Clinical-Laboratories-Inc-announced/3060576907200/.
36. ↑ Lohr, Steve (13 April 1989). "SmithKline, Beecham to Merge". The New York Times. ISSN 0362-4331. https://www.nytimes.com/1989/04/13/business/smithkline-beecham-to-merge.html.
37. ↑ "The new alchemy – The drug industry's flurry of mergers is based on a big gamble". The Economist. 20 January 2000. http://www.economist.com/node/275655.
38. ↑ "Partners resolve their differences and unite at the second attempt". Nature 405 (6783): 258. May 2000. doi:10.1038/35012210. PMID 10821289.
39. ↑ "Hall that glitters isn't shareholder gold". The Daily Telegraph. 15 July 2002. https://www.telegraph.co.uk/finance/2767982/Hall-that-glitters-isnt-shareholder-gold.html.
40. ↑ "GlaxoSmithKline Completes the Purchase of Block Drug for $1.24 Billion". PR Newswire. http://www.prnewswire.com/news-releases/glaxosmithkline-completes-the-purchase-of-block-drug-for-124-billion-71032672.html.
41. ↑ Stouffer, Rick (9 October 2006). "Glaxo unit buys Breathe Right maker". Trib Live. http://triblive.com/x/pittsburghtrib/business/s_474181.html.
42. ↑ "Sir Christopher Gent to exit GlaxoSmithKline", The Daily Telegraph, 28 October 2012.
43. ↑ Ben Hirschler (24 May 2007). "Glaxo China R&D centre to target neurodegeneration". Reuters. https://www.reuters.com/article/idUSL2452000720070524.
Cyranoski, David (29 October 2008). "Pharmaceutical futures: Made in China?". Nature. http://www.nature.com/news/2008/081029/full/4551168a.html.
44. ↑ "Corporate Executive Team", GlaxoSmithKline. Retrieved 16 November 2013.
45. ↑ "Andrew Witty's journey from Graduate to GSK CEO", GlaxoSmithKline, 12 August 2008; "Andrew Philip Witty", Bloomberg.
46. ↑ Ruddick, Graham (20 April 2009). "GlaxoSmithKline buys Stiefel for $3.6bn". The Daily Telegraph. https://www.telegraph.co.uk/finance/newsbysector/epic/gsk/5186751/GlaxoSmithKline-buys-Stiefel-for-3.6bn.html.
47. ↑ "FDA Approves Additional Vaccine for 2009 H1N1 Influenza Virus". US Food and Drug Administration (FDA). 16 November 2009. https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm190783.htm.
48. ↑ Jack, Andrew (16 April 2009). "Companies / Pharmaceuticals – GSK and Pfizer to merge HIV portfolios". Financial Times. http://www.ft.com/cms/s/0/5327ff12-2aaa-11de-8415-00144feabdc0.html.
49. ↑ GSK Acquires Laboratorios Phoenix for $253m, InfoGrok.
50. ↑ Sandle, Paul (13 December 2010). "UPDATE 2-Glaxo buys protein-drinks firm Maxinutrition". Reuters. https://www.reuters.com/article/idUSLDE6BC0XO20101213.
51. ↑ Ranii, David (21 December 2011). "GSK sells BC, Goody's and other brands". News & Observer. http://blogs.newsobserver.com/business/gsk-sells-bc-goodys-and-other-brands.
52. ↑ "GSK confirms 500 mln stg UK investment plans", Reuters, 22 March 2012.
53. ↑ European Biotechnology News 16 May 2012. GSK acquires Cellzome 100%: Britain's largest drugmaker GlaxoSmithKline will pay about €75m in cash to acquire Cellzome AG completely ; John Carroll for FierceBiotech 15 May 2012 GSK snags proteomics platform tech in $98M Cellzome buyout
54. ↑ John Carroll for FiercePharma. 12 June 2012 GSK continues deal spree with $302M pact for Basilea eczema drug; Basilea Pharmaceutica Press Release. 11 June 2012 Basilea enters into global agreement with Stiefel, a GSK company, for Toctino (alitretinoin)
55. ↑ Matthew Herper, "Three Lessons From GlaxoSmithKline's Purchase Of Human Genome Sciences", Forbes , 16 July 2012.
56. ↑ 56.0 56.1 56.2 Angela Monaghan "Ribena and Lucozade sold to Japanese drinks giant", The Guardian , 9 September 2013
57. ↑ Hirschler, Ben (10 March 2014). "GSK pays $1 billion to lift Indian unit stake to 75 percent". Reuters. https://www.reuters.com/article/us-glaxosmithkline-india-idUSBREA2909U20140310.
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* Celltech
* Chiroscience
* Distillers Company
* Fisons
* Glaxo Wellcome
* ICI
* Reliant Pharmaceuticals
* Renovo
* Zeneca

government and
regulatory bodies|

* Commission on Human Medicines
* Department of Health
* European Directorate for the Quality of Medicines
* European Medicines Agency
* Medicines and Healthcare products Regulatory Agency
* National Collaborating Centre for Mental Health
* National Patient Safety Agency
* Pharmaceutical Price Regulation Scheme
* Pharmaceutical Society of Northern Ireland
* General Pharmaceutical Council
* Scottish Medicines Consortium
* Veterinary Medicines Directorate

industry and
professional bodies|

* Association of the British Pharmaceutical Industry
* Chemical Industries Association
* European Federation of Biotechnology
* European Federation of Pharmaceutical Industries and Associations
* Faculty of Pharmaceutical Medicine
* Pharmacists' Defence Association
* Royal Pharmaceutical Society of Great Britain
* Worshipful Society of Apothecaries

books and journals|

* Bandolier
* Bad Pharma (2012)
* British National Formulary
* British National Formulary for Children
* Monthly Index of Medical Specialities
* Side Effects (2008)
* The Pharmaceutical Journal

other|

* British Approved Name
* British Pharmacopoeia
* DrugScope
* European and Developing Countries Clinical Trials Partnership
* European Pharmacopoeia
* List of world's largest pharmaceutical companies
* Pharmaceutical Services Negotiating Committee
* Wellcome Trust

* category

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