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City baulks at Glaxo merger talk

12 April 2012

SHAREHOLDERS are reportedly alarmed over suggestions that drugs group GlaxoSmithKline Beecham is seeking a merger with US peer Bristol-Myers Squibb.

The group has beaten its savings target from its merger with SmithKline 18 months ago. But the City is worried about its lack of drugs to replace blockbuster treatments such as the anti-depressant Paxil. 'Apart from cost-cutting, I'm not sure what (a deal with BMS) would bring them,' John Wilson, an investment manager with 2% shareholder Standard Life told the Sunday Times. 'I don't think it's the answer Glaxo needs.'

Glaxo would not comment on the BMS reports.

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Cost-cutting
Glaxosmithkline
The Sunday Times