And so, another working week will soon draw to a close. Not a moment too soon, yes? This is, you may recall, our treasured signal for weekend daydreams. Given that this is an extended break on this side of the pond, our agenda is slightly ambitious. We plan to tackle numerous chores around the Pharmalot grounds, stroll endlessly with the official mascot, and check in on the Pharmalot ancestors. And what about you. This is a fine time to enjoy outdoor cooking, a visit to a beach or lake, or frolicking about a garden. You might also catch up on your reading or reach out to someone special. Well, whatever you do, have a grand time. But be safe. Enjoy, and see you soon. …
GlaxoSmithKline (GSK) rejected demands by the hedge fund Elliott Management for the company to change its board and sell its consumer health care arm after separating it from its pharma business, a day after strongly worded proposals from the activist investor, Reuters writes. The board also maintained that support for Glaxo’s strategy and leadership was shown in talks with its largest shareholders. In a letter to the board on Thursday, Elliott argued Glaxo should review its leadership and consider a sale of its consumer health care business.
Meanwhile, Glaxo agreed to pay Alector (ALEC) as much as $2.2 billion to develop therapies targeting diseases such as Parkinson’s and Alzheimer’s, the latest step by the U.K. pharmaceutical giant to rebuild its drug pipeline, Bloomberg News notes. Alector will receive $700 million upfront from Glaxo, and up to $1.5 billion in the future if the treatments prove successful. They will co-develop and commercialize two monoclonal antibodies, one of which is in late-stage trials to tackle a form of dementia.
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