Glaxo to pay $3bn to settle with US government
Drugs giant GlaxoSmithKline is set to pay $3bn to get the US government off its back over the the company's sales and market practices in the past.
Drugs giant GlaxoSmithKline is set to pay $3bn to get the US government off its back over the the company's sales and market practices in the past.
The final settlement, which is expected to address civil and criminal liabilities, remains subject to negotiation of specific terms and should be finalised in 2012.
"This is a significant step toward resolving difficult, long-standing matters which do not reflect the company that we are today," said Glaxo's chief executive officer, Andrew Witty.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"In recent years, we have fundamentally changed our procedures for compliance, marketing and selling in the US to ensure that we operate with high standards of integrity and that we conduct our business openly and transparently. We reiterate our full commitment to ensuring appropriate promotion of our medicines to healthcare professionals and to the standards rightly expected by the US government," Witty maintained.
--
jh
-
What does a weak yen mean for Japan's economy?
The Japanese yen slumped to a 34-year low. What does a weak yen mean for inflation, interest rates and tourism in Japan?
By Alex Rankine Published
-
Meta’s AI splurge rattles investors
Meta's decision to join the AI race is driving investors away
By Dr Matthew Partridge Published