6/24/2013 10:08:10 AM
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Disposals are trumping acquisitions as GlaxoSmithKline slims down ready for a wave of its new medicines to reach the market. Britain's biggest drugmaker expects to sell operations this year with revenue of around 1 billion pounds ($1.5 billion) - roughly the same as the volume of business acquired in the past five years. It is a mismatch that Chief Executive Andrew Witty is happy to see continue as the company becomes more focused, increasing its leverage to new drugs coming down the pipe. "I think our proceeds from divestments will far exceed our acquisition costs," Chief Executive Andrew Witty told Reuters in an interview. "The size of this company will be dictated by the success of the pipeline and we will continue to clip off bits of the business that we think are not core or are drags."
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