GlaxoSmithKline gets a raise in China

GlaxoSmithKline gets stimulus in China after receiving approval from regulators on one of its cancer vaccines

  • Cervarix is ​​designed to fight two types of human papilloma virus

Focus: Glaxo head Emma Walmsley

GlaxoSmithKline received a push in China after receiving approval from regulators for one of its cancer vaccines.

The development provides a chance for boss Emma Walmsley, who is trying to shift the group’s attention to developing new drugs and vaccines ahead of the firm’s planned consumer branch this summer.

A two-dose course of his cervical injection was approved for use by Chinese girls aged nine to 14 in an attempt to prevent cervical cancer.

Cervarix is ​​designed to fight two types of human papilloma virus (HPV), a disease that can sometimes cause changes in skin cells that can turn into cancer. In 2020, cervical cancer killed 59,000 people in China.

The vaccine is the first foreign production to be approved by Chinese regulators for a two-dose program, making the group ahead of global competitors in the Chinese vaccine market with stiff competition. It is also a turning point in relations between GSK and China following a scandal in 2014 in which it was accused of bribing doctors and hospitals to promote its products.

Former head of Chinese business GSK Mark Reilly was convicted of bribery, while the company received one of the largest corporate fines in the country’s history – about 355 million pounds.

Walmsley’s strategy is to place its consumer division, Haleon, on the London Stock Exchange in July, leaving GSK with its biopharmaceutical business, which develops drugs and vaccines.

The CEO has struggled with attempts to blow it up inside and outside the company, and activist-investor Elliott Management wants the consumer health business to be sold directly.

Haleon owns several well-known brands such as Sensodyne toothpaste and Centrum vitamins. Mayonnaise maker Hellmann Unilever previously tried to encroach on the £ 50 billion unit earlier this year just to suffer damage.

Swiss food giant Nestle was also considering the application, but declined due to fears that the deal would be too complicated.

GSK is also facing domestic problems after workers from several UK plants voted in favor of a wage strike last month.

He also suffered a massive riot of shareholders over the salaries of executives at his general meeting in early May. Walmsley took home £ 8.2 million last year.


GlaxoSmithKline gets a raise in China

Source link GlaxoSmithKline gets a raise in China

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