Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • R&D 100 Awards

GlaxoSmithKline Reduces Stake in Quest

By Pharmaceutical Processing | March 20, 2009

NEW YORK (AP) — GlaxoSmithKline PLC said Friday that it sold approximately 5.7 million shares of Quest Diagnostics Inc. for more than $250 million, reducing its stake to about 16.5 percent. The British drugmaker sold about 1.2 million shares on the open market for $45.37 apiece, or about $56.1 million. It also sold approximately 4.5 million shares back to Quest for $44.33 per share, or about $200 million. GlaxoSmithKline said it sold the stock as part of a plan to gradually lower its Quest stake, as well as to capitalize on the medical lab operator’s expanded buyback program. GlaxoSmithKline will have an approximately 16.5 percent stake in Quest, valued at about $1.36 billion, once the transaction is completed. GlaxoSmithKline initially acquired the Quest stock in 1999. Qwest is based in Madison, N.J. Last month GlaxoSmithKline said it would increase its restructuring efforts and look to cut costs, which would probably mean job cuts. The company would not say how many job cuts would be likely be necessary.

Related Articles Read More >

Pfizer logo
Pfizer seeks to comply with voluntary Net-Zero Standard by 2040
Fujifilm Diosynth Technologies
Fujifilm to spend $1.6B to bolster cell culture manufacturing services
Wyzo
Wyzo high-speed pick-and-place sidebot wins design awards
Purdue University
Purdue University launches institute for advanced manufacturing of pharmaceuticals

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.

Need Pharmaceutical Processing news in a minute?

We Deliver!
Pharmaceutical Processing Enewsletters get you caught up on all the mission critical news you need. Sign up today.
Enews Signup
Pharmaceutical Processing World
  • Subscribe to Our Free E-Newsletter
  • Contact Us
  • About Us
  • Advertise With Us
  • R&D World
  • Drug Delivery Business News
  • Drug Discovery & Development
  • DeviceTalks
  • MassDevice
  • Medical Design & Outsourcing
  • MEDICAL TUBING + EXTRUSION
  • Medical Design Sourcing
  • Medtech100 Index

Copyright © 2022 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • R&D 100 Awards