Friday, July 6, 2012

$3 billion fine for GlaxoSmithKline

GSK is paying record criminal and civil penalties for its dishonest tactics, primarily related to the marketing of its drug Paxil to children and teenagers. Howard Brody has more of the rage-inducing story of Paxil Study 329.*

The Independent reports:

GSK had already set aside more than $3bn to cover the costs of the settlement, and its shares rose 1.75 per cent yesterday, more than the overall market, to reflect the end of a period of uncertainty.

Phew. I'd been terribly worried about those little shares.

*I've discussed the more general problems in recent months. See here and here.

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