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It's been a pretty abysmal couple of months for the world's second largest pharmaceutical company GlaxoSmithKline.
September saw the European regulators finally pull Glaxo's Avandia...something they should have done many years ago. This coming hot on the heels of the BBC expose of their drug. Maybe the regulators should have listened to the hardened advocates that were writing about Avandia many years ago, Evie Pringle being one such person. [LINK]
October saw Glaxo plead guilty to a number of charges regarding the appalling state of their factory in Puerto Rico - a fine of $750 million and the customary slap on the wrists ensued. [LINK]
Just nine days in to November sees GlaxoSmithKline in the news once more...actually twice more.
First off, Vice President & Associate General Counsel at GlaxoSmithKline, Lauren Stevens, has been charged with obstruction and false statements in connection with an investigation into the promotion of a prescription drug. [LINK]
The print hadn't dried on that story when more bad news for GlaxoSmithKline hit popular website, Bloomberg. Once again they are accused of failure. Again, they are denying that their once best selling antidepressant, Paxil [Seroxat in UK] had anything to do with Anna Blyth being born with a narrowing of the aorta leading from the heart. [LINK]
Back in October 2009, Glaxo had pay $2.5 million to the family of a 3-year-old Liam Kilker who was born with heart defects that his mother blamed on the drug.
Glaxo, writes Bloomberg, has paid more than $2 billion to resolve litigation over Paxil, including claims the anti-depressant caused suicides in some users and withdrawal symptoms.
I'm baffled why the FBI haven't ripped apart the offices of GlaxoSmithKline, surprised that Scotland Yard hasn't raided the offices of Solicitors here in the UK who hold damning items of disclosure from GlaxoSmithKline, items that will probably never see the light of day in a British court.
Today's news that GlaxoSmithKline are putting yet another family through the trauma of re-living the moments when their child was born with serious heart defects saw their American depositary receipts, each representing two ordinary shares, fall 89 cents, or 2.2 percent, to $39.61 in New York Stock Exchange composite trading.
Birth defects, heart attacks, obstruction of justice and a whole heap of defective drugs manufactured in a mismanaged factory in Puerto Rico.
Cervarix will be next... I'd stake my left nut on it.
Doncha just love them!
Fid
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'THE EVIDENCE, HOWEVER, IS CLEAR...THE SEROXAT SCANDAL' By Bob Fiddaman
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