GlaxoSmithKline agrees $3bn US settlement

GlaxoSmithKline sign Glaxo said the settlement was in the best interests of shareholders

UK drugmaker GlaxoSmithKline has agreed to pay $3bn (£1.9bn) to settle all US investigations into the way the company marketed its products.

The final settlement will be finalised next year, but should address all civil and criminal investigations, which began in 2004, Glaxo said.

The company said the settlement would be paid out of "existing cash resources".

It said it was in the best interests of shareholders.

"This is a significant step toward resolving difficult, long-standing matters which do not reflect the company that we are today," said Glaxo chief executive Andrew Witty.

"In recent years, we have fundamentally changed our procedures for compliance, marketing and selling in the US to ensure that we operate with high standards of integrity and that we conduct our business openly and transparently."

The company said it had instigated a new compliance structure in the US in 2008.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories



Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.