News

GSK under fire in fraud case
Enlarge image

Regulatory AffairsUK

GSK under fire in fraud case

04.07.2012 - GSK has been fined a record $3bn for drug fraud. The UK-based company admitted it had made inappropriate hospitality offerings to bribe physicians.

The pharma giant invited health care practitioners to enjoy deep-sea fishing, hot air balloon rides and golfing days in Hawaii. The company hoped the practice would mean doctors would prescribe more of their drugs. The case, described as "unprecedented in both size and scope" by deputy US attorney general James Cole, included allegations that GSK promoted two drugs for unapproved uses and failed to report safety data about a diabetes drug to the Food and Drug Administration (FDA).

Problems were first flagged up in 2001, when a whistle blower sparked internal investigations within the company. An official investigation begun by the US Attorney's office of Colorado in 2004 and was later taken over by the US Attorney's Office of Massachusetts. With its admission of guilt, GSK agreed to pay $1bn in criminal fines and forfeits and additional $2bn to settle civil claims. "Whilst these originate in a different era for the company, they cannot and will not be ignored", stated Andrew Witty, Glaxosmithkline chief executive, adding that the company has fundamentally changed its procedures for compliance, marketing and selling to avoid further misbehaviour.

http://www.european-biotechnology-news.com/news/news/2012-03/gsk-under-fire-in-fraud-case.html

BusinessUKSwitzerland

29.07.2015 Newly founded Mereo BioPharma has acquired three mid-stage clinical assets from Novartis. In turn, the Swiss pharma concern will hold a stake in the UK company. Other investors are also on board.

M&AIreland

28.07.2015 Irish Allergan is bolstering its product pipeline with a takeover of CNS specialist Naurex. At the same time, the company is divesting its global generics business to Teva.

Public marketGermanyFranceBelgiumFinlandDenmarkUK

24.07.2015 Biotech companies across Europe continue to raise cash on the public markets, generating €3bn in total financing proceedings in the first half of 2015. Compared to 2014, this is almost twice as much.

FinanceFrance

23.07.2015 US money keeps flowing into Europe's biotechs. As the race for the peanut allergy market heats up, NASDAQ listed French biotech DBV has announced the successful closing of US$281m (€256m) share offering for its allergy products.

BioplasticsFrance

21.07.2015 French biotech Deinove has launched a R&D programme to produce the versatile chemical intermediate muconic acid by using a designer variant of the Deinococcus bacteria.

BusinessFrance

16.07.2015 Sanofi has announced plans to restructure its business in five standalone global business units starting in January 2016. The goal is to promote growth and help the company launch a catalogue of new drugs over the next five years.

R&DUK

15.07.2015 GlaxoSmithKline (GSK) has become the first drugmaker to join the Francis Crick Institute. It is a consortium made up of six scientific and academic institutes to conduct research and drug development in the UK. The new institute is set to become a world-leading centre of biomedical research and innovation.

FundingUK

13.07.2015 UK drug developer ReNeuron has pulled in £68.4m (€96m) for its cell therapy pipeline for stroke and blindness treatments. Biotech guru Neil Woodford increases his fund’s stake in ReNeuron.

BusinessSweden

10.07.2015 Karolinska Development has slashed the reported value of its portfolio by almost half by revising its valuation model for early stage companies and divesting its shares in pain med maker Pharmanest.

M&AIreland

08.07.2015 Horizon Pharma plc. has set its sights on US-American speciality pharma company Depomed Inc. After getting nowhere with the rival’s board, Horizon has now launched a US$3bn hostile bid for the pain and CNS specialist.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • PROTHENA PLC (IE)68.70 USD9.45%
  • HYBRIGENICS (F)1.63 EUR9.40%
  • PHARMING (NL)0.34 EUR6.25%

FLOP

  • SERODUS (N)2.60 NOK-15.58%
  • ZELTIA (E)3.69 EUR-8.44%
  • IXICO (UK)33.00 GBP-7.04%

TOP

  • DBV TECHNOLOGIES (F)77.15 EUR48.4%
  • IXICO (UK)33.00 GBP46.7%
  • ADOCIA (F)90.05 EUR40.7%

FLOP

  • BIOTEST (D)25.67 EUR-63.3%
  • CHRONTECH PHARMA (S)0.01 SEK-50.0%
  • BIOTECH PHARMACON (N)9.35 NOK-46.0%

TOP

  • ADOCIA (F)90.05 EUR543.7%
  • FORMYCON (D)27.30 EUR298.5%
  • PROTHENA PLC (IE)68.70 USD295.5%

FLOP

  • CHRONTECH PHARMA (S)0.01 SEK-88.9%
  • NEOVACS (F)1.05 EUR-70.1%
  • BIOTEST (D)25.67 EUR-68.7%

No liability assumed, Date: 28.07.2015