Glaxo Falls as FDA Clears Path for Advair Rivals: London Mover
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GlaxoSmithKline Plc fell the most in more than two months after U.S. regulators proposed a simpler route for rivals seeking to copy the company’s Advair respiratory drug, threatening almost $8 billion in revenue.
Glaxo declined 2.5 percent, the biggest drop since June 20, to close at 1,598.50 pence in London, where the company is based. The stock has gained 24 percent this year including reinvested dividends, compared with a 19 percent return in the Bloomberg Europe Pharmaceutical Index.