The company is increasing its exposure to key emerging markets.
The two companies agreed to form a joint venture by combining Novartis' over-the-counter division with GSK's consumer business to create a business with $10 billion in annual sales. GSK will hold a 63.5 per cent stake in the venture.
The 'in-principle' settlement of $3 billion is covered by existing provisions. GSK expects to make payments under a final agreement next year.
Indian government has extended price caps to 39 more medicines ranging from commonly used diabetes drugs to antibiotics.
GlaxoSmithKline Plc's anti-migraine drug brand, Imitrex, is turning out to be a good revenue earner for Indian generic companies.
GlaxoSmithKline Plc has withdrawn its patent application in India for anti-AIDS drug Combivir, which has been facing opposition from activists.
GlaxoSmithKline plc, Europe's biggest drugmaker, said on Wednesday that it was accelerating work on a possible vaccine against the deadly SARS virus but warned development would take years.
The health ministry has formed a committee to consider raising the number of drugs deemed essential and subject to price caps.
Increased price control over branded generic medicines has affected its profitability
Other Health Food Drinks brands of GSK -- Boost, Maltova and Viva -- would come to HUL's portfolio by virtue of the merger, making it a leading player in the segment.
India's Supreme Court in April rejected a patent for Novartis AG's cancer drug Glivec, saying it was an amended version of a known molecule called imatinib, setting the precedent for more such cases in the country.
Forex dealers said besides a lower opening in the domestic equity market on fears of a rate hike by the Reserve Bank, higher demand for the American currency from importers put pressure on the rupee but dollar's weakness against other currencies overseas, capped the fall.
The FDA has stepped up its efforts to ensure drug safety in recent months.
IT major nears $100 bn m-cap, accounts for 61% of the group's combined valuation.
Move could be aimed at integrating operations with Indian subsidiary.
Markets end in red; bluechips struggle to keep pace.
In separate statements, the two companies said they will combine Novartis' over-the-counter division with GSK's consumer business, creating a new world-leading consumer healthcare business with $10 billion in annual sales.
Anglo-Dutch parent's stake in Indian subsidiary rises from 52.5% to 67.3%.
The Sensex ended above 27,000 for the first time while the Nifty topped 8,100.
Investor lobbies and tax lawyers estimate the bill for international funds and banks could be as high as $8 billion
India was the flavour of the year, at least in the FMCG sector, as multinationals hiked stakes in their subsidiaries lured by long term potential of the country, while homegrown executives made their way to top hierarchy of global firms in 2013.
If you are not happy with the price offered at buybacks, you could be in for a long haul.
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