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Return of key products to lift GlaxoSmithKline.

INVESTORS in GlaxoSmithKline were breathing a sigh of relief yesterday after it emerged two key products should be back on sale by the summer.

Glaxo said it had reached agreement with American regulators to restart production of the drugs at its Puerto Rico factory after correcting problems that led to their withdrawal.

Shares were 6% higher after the company also said 'great performances" by its biggest products had driven a good start to the year.

The company's stock fell sharply in March when the Food and Drug Administration (FDA) forced it to withdraw antidepressant Paxil CR and its Avandamet diabetes treatment amid concerns they were of poor quality.

An inspection had found Paxil tablets could split apart, allowing patients to take a portion that lacked the active ingredient or the controlled-release element, while some Avandamet tablets were discovered to contain the wrong doses of their active ingredient.

But Glaxo said yesterday it believed it had identified the source of the manufacturing problems and had taken corrective action.

Under an agreement reached with the FDA, it has not been fined and can continue manufacturing products at the site, with supplies expected to begin within weeks
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Apr 29, 2005
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