GSK looks to in-licensing for growth
GlaxoSmithKline ceo JP Garnier says the company will explore all external sources of new products in future, including Japanese companies and biotech outfits. 'We aim to get more than our fair share of in-licensing agreements,' he said. 'We aim to be the partner of choice for in-licensing.'
The company currently has 117 products in the clinic, of which around 50 are new chemical entities, 35 are product line extensions, and the rest vaccines. Notable line extensions include a version of nabumetone where a change in crystal morphology leads to a previously unseen pain effect.
The first annual results for the merged company showed a growth in sales of 9%, giving a trading profit around £5bn, a rise of 12% on 1999.
It also hopes to make total savings of £1.6bn by 2003. A huge chunk of these savings will be made in the area of manufacturing, both from savings already projected by the two companies pre-merger, and others that are a result of the merger.
The company intends to reduce its total number of manufacturing sites from the present 117. However, Garnier was unable to be more specific about the number of sites it is planning to close. 'The plan is still evolving,' he said. 'We have already announced 20 closures, and 11 of these sites have already been closed or sold.' Further closures or sales will be announced gradually, he added.