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Glaxo seeks 'bolt-on' links for new drugs
By Trista Kelley |
January 10, 2009, Saturday
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GLAXOSMITHKLINE Plc, Europe's largest drug maker, will boost its reliance on acquisitions and licensing deals to bring new medicines to the market, Chief Executive Officer Andrew Witty said in an interview.
The London-based company has 30 drugs in the final stage of testing needed before approval and plans to release about five new products a year, Witty, 44, told Bloomberg News in New York on Thursday. Glaxo will sustain drug development by seeking smaller, "bolt-on" alliances and takeovers, or deals valued from about US$50 million to the "low billions," he said.
"I would feel very comfortable if five or six years down the road half of our drug approvals came from products which weren't originally discovered in a GSK laboratory," Witty said. "Now, that number is more like 25 percent to 30 percent."
Witty, who took over as CEO last May, said Glaxo will expand into emerging markets and over-the-counter products, mostly through acquisitions and licensing agreements. The drug maker will also focus on developing vaccines.
The London-based company has 30 drugs in the final stage of testing needed before approval and plans to release about five new products a year, Witty, 44, told Bloomberg News in New York on Thursday. Glaxo will sustain drug development by seeking smaller, "bolt-on" alliances and takeovers, or deals valued from about US$50 million to the "low billions," he said.
"I would feel very comfortable if five or six years down the road half of our drug approvals came from products which weren't originally discovered in a GSK laboratory," Witty said. "Now, that number is more like 25 percent to 30 percent."
Witty, who took over as CEO last May, said Glaxo will expand into emerging markets and over-the-counter products, mostly through acquisitions and licensing agreements. The drug maker will also focus on developing vaccines.
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