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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: celeryroot.com who wrote (13990)	1/30/1998 8:50:00 PM
From: Henry Niman	Respond to of 32384

Looks like GLX/SBH deal is done: SmithKline <SB.L>, Glaxo name proposed top team PHILADELPHIA, Jan 30 (Reuters) - British drug companies SmithKline Beecham and Glaxo Wellcome <GLXO.L>, who announced they are in talks that could create the world's largest pharmaceutical company, said they planned to name Glaxo Chairman Sir Richard Sykes as the combined group's executive chairman. In a statement announcing the talks, the companies said the board of directors of the combined concern would be drawn from their existing boards. In addition to Sykes, Jan Leschly was named as the potential chief executive and chairman of the group's executive management committee. Other executive directors would be John Coombe, Jean-Pierre Garnier and Robert Ingram, the statement said. Leschly currently serves as SmithKline Beecham's chief executive. While SmithKline Beecham is a U.K. company, its head office is based in Philadelphia, where Leschly lives, and where most of its assets and profits are located. On Jan. 28, Glaxo Wellcome appointed Ingram, the president and chief executive of its U.S. unit, as its new chief executive officer. At the time of the succession announcement, the company said Ingram would retain his two positions at the U.S. subsidiary. Coombe is Glaxo's finance director and Garnier currently serves as SmithKline's chief operating officer. 19:30 01-30-98

To: celeryroot.com who wrote (13990)	1/30/1998 8:51:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Here's Reuter's earlier story: SmithKline in merger talks with Glaxo Wellcome PHILADELPHIA, Jan 30 (Reuters) - SmithKline Beecham Plc (SB.L) and Glaxo Wellcome Plc(GLXO.L), two leading drug companies based in Britain, on Friday said they were in talks that could lead to a merger creating the world's largest pharmaceutical concern. The companies are discussing a proposal that calls for Glaxo Wellcome shareholders to own 59.5 percent and SmithKline shareholders to own 40.5 percent of the share capital of the The news release came just two minutes after SmithKline issued a statement saying it had terminated merger talks, announced 10 days ago, with American Home Products Corp.(AHP.N), a U.S. drug and consumer products company. An American Home Products spokesman declined to comment on the breakdown in talks with SmithKline and would not say whether the company was pursuing other merger possibilities. Jeremy Heymsfeld, a SmithKline Beecham spokesman based in Philadelphia, the company's U.S. headquarters, declined to comment further on the talks with Glaxo Wellcome. He also declined to say when talks with American Home had ended. A spokesman for Glaxo Wellcome said he could not say when further details of the deal might become available. He stressed that the proposed merger would create the largest research and development organization in the health-care industry. 19:07 01-30-98