GSK’s Share Price: China Detains Briton in Bribery Probe

on Aug 22, 2013
Listen

iNVEZZ.com Thursday August 22nd: A British consultant and his wife have been detained in China as part of an investigation into bribery allegations against GlaxoSmithKline (LON:GSK).

Peter Humphrey and his wife Yu Yingzeng were first held by Chinese police on July 10. Suspects in China can be detained for weeks without being formally arrested or offered a lawyer and can be released with no charges being filed. If an arrest takes place, police typically believe they have gathered enough evidence for a case to be brought to trial.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

eToro
**Start Investing The Social Way! >>**
FTSE 100 Watch: Footsie Down Ahead Of Fed Minutes FTSE 100 Watch: Glencore and BHP Drag Down Footsie

FOLLOW our top traders or BET against them.
http://nvz.bz/1cgV29L
“We can confirm the arrest of a British national, Peter Humphrey, in Shanghai on Monday 19 August. We are currently providing consular assistance,” a British embassy spokeswoman, Hannah Oussedik, has told Reuters by phone.

Four Glaxo managers have so far been arrested with one confessing on TV that the company had worked with Chinese travel agencies to set aside funds used to bribe doctors and officials. GSK has said some of its executives might have violated Chinese law and company policy and is fully cooperating with
authorities.
**GSK’s Flu Vaccine Receives FDA Approval**

GlaxoSmithKline recently announced that its quadrivalent formulation of intramuscular Flulaval had been approved for use by the U.S. Food and Drug Administration (FDA).
The vaccine protects patients against virus subtypes A and B, which gives it an edge over the currently available trivalent Flulaval version. AstraZeneca’s FluMist Quadrivalent and Sanofi’s Fluzone are the only two other quadrivalent influenza vaccines approved by the FDA.

**Analysts on GSK**
Research firm Zacks has ranked GSK as a “hold”, saying that the biggest near-term challenge for the company is to replace the revenues that will be lost as a result of competition from generic products. A number of the company’s products have already seen sales decline due to readily available cheaper generic versions on the market.
!m[Flu Vaccine Wins FDA Approval](/uploads/story/5016/thumbs/pic1_inline.gif)
Zacks analysts believe that Glaxo should continue filling its product pipeline through its growth-by-acquisition strategy.
A total of five investment analysts have rated GSK’s shares as a “sell”, eight have given them a “hold” rating and nine gave assigned a “buy” rating. The company has a consensus rating of “hold” and an average price target of 1,732.87. As of 10.40 BST GSK’s shares are trading 1.03 percent higher at 1,672.50.
**As of 10.45 buy GSK shares at 1,673.00p.**
**As of 10.45 sell GSK shares at 1,672.50p.**

eToro
**Start Investing The Social Way! >>**
FTSE 100 Watch: Footsie Down Ahead Of Fed Minutes FTSE 100 Watch: Glencore and BHP Drag Down Footsie

FOLLOW our top traders or BET against them.
http://nvz.bz/1cgV29L

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Health & pharma Stock Market