In industry parlance, GSK’s new formula is still undergoing early phase trials.
Spinning off the consumer division Haleon last year was aimed at perking up investors’ fortunes. The UK company’s one-third valuation discount to the pharmaceuticals sector has not so far budged. Efforts to aid recuperation intensified on Tuesday with news of its $2bn acquisition of Canadian biotech Bellus Health.
The consumer spin-off freed up about £7bn of capital. It now needs to be deployed to boost a pipeline long viewed as underwhelming. New drugs are needed to replace those set to lose their patent protection.
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