GlaxoSmithKline faced a barrage of headlines around the world after Chinese police officials made a series of salacious allegations about widespread corruption while raising questions about the absence of GlaxoSmithKline's China operations, Mark Reilly, who left the country on June 27 and has not returned.
Reports are starting to put a few details around what is going on with more than two dozen GlaxoSmithKline employees in China who have been arrested and reportedly confessed to paying bribes to doctors and hospitals to increase sales.
GlaxoSmithKline has for weeks been saying that it could find no evidence to confirm allegations that any of its employees in China were bribing doctors to buy its drugs. But Chinese authorities claim that not only do they have evidence of corruption, they have confessions from an undisclosed number of GSK employees.
It took more than a decade for the executive team at Immunocore to achieve their first Big Pharma partnership for their new approach to developing revved up immunotherapies for cancer. But it's taken just a couple of weeks to add their second big pact.
GlaxoSmithKline is denying allegations that its employees paid Chinese doctors bribes to prescribe drugs, Botox in particular. Even if the company runs afoul of Chinese authorities over the matter, one analyst said any financial fallout would be too small to matter for its bottom line.
Chinese regulators say they will size up the cost structures and pricing of 60 drugmakers, both domestic and foreign, as it figures out what it should be paying for drugs.
GlaxoSmithKline ($GSK) and Johnson & Johnson ($JNJ) have advanced development of injections that could provide HIV treatment without the burden of taking daily pills. And the program provides more evidence of how major drugmakers have teamed up to compete in the blockbuster market for HIV therapies.
Are more drugmakers at risk of corruption probes in China? After GlaxoSmithKline employees were detained in an investigation of "economic crimes," industry watchers point out that the Chinese government recently reorganized its Food and Drug Administration. The healthcare system is in the midst of reform, with officials keeping an eye out for corruption.
Private equity firms Blackstone and Lion Capital are together eyeing an offer for GlaxoSmithKline's drinks brands Lucozade and Ribena.
Chinese police rounded up GlaxoSmithKline employees in three cities as part of an investigation into "economic crimes," law enforcement there said in a statement. According to as-yet-unconfirmed reports from Chinese media, the detained workers include at least one foreign executive.