Glaxo Shares Drop

Mon, 06 Sep 2010
Glaxo shares fall as British drug regulators seek to withdraw diabetes drug Avandia .

Avandia, GlaxoSmithKline's diabetes drug, ought to be pulled from sale due to concerns about heart risks.

This was the statement from British drug regulators on Monday, prior to a special European meeting regarding the drug's safety.

This of course represents a strong stance safety experts in the manufacturer's domestic market and comes as a fresh blow to a drug which was Glaxo's second biggest seller.

However, it has becomea a liability since it became associated to to increased heart attack risk in 2007.

Glaxo shares dropped 1per cent to £12.55 in early trading.

The Medicines and Healthcare products Regulatory Agency (MHRA) stated that it considered the risks of Avandia, known as rosiglitazone, outweighed its benefits. therefore, "it no longer has a place on the UK market".

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