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GlaxoSmithKline (GSK) Distances Itself From Bid For Rival AstraZeneca PLC (AZN)


5/1/2014 8:15:53 AM

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GlaxoSmithKline has distanced itself from a white-knight bid for rival British drugs maker AstraZeneca, which has received an unwanted £60bn takeover approach from Pfizer of the US. GSK's chief executive, Sir Andrew Witty, has repeatedly expressed scepticism about "mega deals", which he says can lumber companies with unwanted businesses. He said on Wednesday that GSK – Britain's largest drugmaker – was focused on the complex swap of assets with Switzerland's Novartis announced last week. "What we are focused on is ensuring that our organisation is not distracted in the core R&D business," he said.

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