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

Clinical ResearchFrancePortugalEU

05.02.2016 It is not yet clear why a man died during a first-in-man clinical trial in January. However, a preliminary report found several “major shortcomings” by responsible CRO Biotrial. However, all regulations were complied with.

M&ASwitzerland

04.02.2016 After having dodged multiple takeover attempts by Monsanto last year, agrobusiness giant Syngenta has now agreed to be acquired by chemical corporation ChemChina. The Swiss company also announced plans to go public within a few years.

FinancingEUUKBelgium

01.02.2016 Newly formed Medicxi Ventures, a life sciences-dedicated VC firm based in London, Geneva and Jersey, has closed a €210m investment fund to reinvest in European early-stage assets.

ResearchUKEU

01.02.2016 Altering human DNA with the efficient gene editing method CRISPR/Cas9, especially germline modifications, was long considered a taboo. Now, however, UK scientists have received official approval to tinker with embryo DNA.

M&ASwedenIceland

28.01.2016 Swedish infectious disease specialist Enzymatica has bagged Icelandic company Zymetech, who produces the patent-protected enzyme used in Enzymatica’s own common cold blocker ColdZyme.

R&DUK

27.01.2016 Three UK universities have teamed up with three pharma companies to create the Apollo Therapeutics Fund. With the tech transfer fund, the consortium aims to develop scientific research into medicines.

Clinical TrialsGermany

25.01.2016 Affimed means to put a promising drug combination to the test. With support from MSD, the German biopharma will carry out clinical trials for an immunotherapy combining treatments of both companies.

AMREU

21.01.2016 Stop squandering antibiotics and make research profitable again: at the World Economic Forum in Swiss Davos, 83 pharmaceutical companies have called for a unified approach towards the threat of antimicrobial resistance.

M&AFinland

19.01.2016 Biotie Therapies has long been expanding its business in the US. Now, the Finnish company is set to be taken over by US company Acorda Therapeutics, which is paying €321m for the shares.

Drug AssessmentPortugalFrance

18.01.2016 A Phase I clinical trial for a drug developed by Portuguese pharma company Bial has ended in disaster. One man died, five others may have irreversible neurological damage.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • SAREUM HOLDINGS (UK)0.25 GBP8.70%
  • MAGFORCE (D)5.25 EUR5.00%
  • SUMMIT (UK)4.03 GBP3.87%

FLOP

  • SWEDISH ORPHAN BIOVITRUM (S)12.45 USD-23.38%
  • BIOTIE THERAPEUTICS (FI)0.14 EUR-22.22%
  • EVOCUTIS (UK)0.07 GBP-12.50%

TOP

  • VERONA PHARMA (UK)3.50 GBP32.1%
  • WILEX (D)2.09 EUR22.9%
  • IXICO (UK)34.00 GBP15.3%

FLOP

  • BIONOR PHARMA (N)0.88 NOK-43.6%
  • PROTHENA PLC (IE)34.27 USD-36.4%
  • PLETHORA (UK)2.75 GBP-33.3%

TOP

  • KARO BIO (S)26.80 SEK3728.6%
  • CHRONTECH PHARMA (S)0.34 SEK3300.0%
  • 4SC (D)3.33 EUR282.8%

FLOP

  • NEUROVIVE PHARMACEUTICAL AB (S)8.80 SEK-85.6%
  • BIOTEST (D)14.11 EUR-84.6%
  • EVOCUTIS (UK)0.07 GBP-75.0%

No liability assumed, Date: 08.02.2016