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GlaxoSmithKline Takes $400 Million Legal Charge

By Pharmaceutical Processing | January 29, 2009

LONDON (AP) — GlaxoSmithKline PLC said Thursday it will take a $400 million charge in the fourth quarter for legal costs related to an investigation by U.S. authorities into the pharmaceutical company’s marketing and promotion practices. Glaxo said the investigation was initiated five years ago by the U.S. Attorney’s office in the state of Colorado, and centers on the marketing and promotion of several products between 1997 and 2004. GlaxoSmithKline, which will announce its full-year results on Feb. 5, said it was cooperating fully with the investigation.

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