SmithKline, Glaxo merger valued at $75 billion

SmithKline, Glaxo merger valued at $75 billion
January 17, 2000
SmithKline Beecham and Glaxo Wellcome agreed to merge and form the world's biggest pharmaceutical company in a deal valued at $75.7 billion. Both companies are based in London. SmithKline's U.S. headquarters is in Philadelphia; Glaxo's is in North Carolina. Under the proposed agreement, SmithKline COO Jaun-Pierre Garnier will serves as chief executive of the new company, called Glaxo SmithKline. The proposed merger calls for the creation of a new U.S corporate headquarters in Central New Jersey. For now, most of SmithKline's 4,800 research and administrative jobs in the Philadelphia region will be preserved.

Source: http://philadelphia.bcentral.com/philadelphia/stories/2000/01/17/daily1.html

 
FTC Clears Glaxo Wellcome, SmithKline Beecham Merger
 By TSC Staff

12/18/00 2:24 PM ET  
 

Glaxo Wellcome (GLX:NYSE ADR - news) and SmithKline Beecham (SBH:NYSE ADR - news) said the Federal Trade Commission approved the terms of a consent decree granting regulatory clearance for their merger.
The companies said they now have all the necessary regulatory approvals and expect to close the merger on Dec. 27. The U.K. court date to approve the creation of GlaxoSmithKline is scheduled for Dec. 20. In order to receive approval for the merger, SmithKline Beecham agreed to divest the antiemetic product Kytril and the antiviral products Famvir and Vectavir/Denavir.
The companies don't expect the combination of their smoking cessation products to raise any competitive issues, but the FTC has said it will continue to review this area following the completion of the merger.
Shares of Glaxo slipped $1.19, or 2.1%, to $55.94 in recent New York Stock Exchange trading. SmithKline was also down, dropping 94 cents, or 1.5%, to $63.50.
Source: http://www.thestreet.com/stocks/biotech/1217925.html