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- GlaxoSmithKline shares jump after report of possible break-up
- GlaxoSmithKline shares jumped 4 percent in intraday trading after a Financial Times report that the company’s chairman is considering splitting up the company.
- Philip Hampton has discussed creating a new company from its pharma and vaccines divisions, according to the FT report.
- Shares last reached this height on June 14 when the company announced positive results in studies that treated HIV with a two-drug regimen.
Shares of GlaxoSmithKline jumped as much as 4 percent in intraday trading Friday after the Financial Times reported that the British pharmaceutical firm’s chairman is considering splitting up the company.
Chairman Philip Hampton has discussed with the company’s largest shareholders splitting off the company’s pharmaceutical and vaccines business into a separate company, according to the FT.
Reports of the conversations come after several of its top 10 investors asked the board to consider spinning off its consumer division, the FT said. Glaxo currently divides its business into pharmaceuticals, vaccines and consumer branches. People familiar with the matter told the FT that a split up could occur in about two or three years.
Glaxo did not immediately respond to a request for comment from CNBC.
Prices last reached this height on June 14 when the company announced positive results in studies to treat HIV with a two-drug regimen. Exactly a year ago, the shares were at its 52-week high of $42.95 per share — only 63 cents more than today’s high — when Glaxo announced it was selling its Horlicks malted drinks business.
Shares settled to a close of $41.87, up 2.9 percent for the day.
The company will announce its second quarter earnings on Wednesday.