Glaxo Set to Re-Start Share Buyback

GlaxoSmithKline is splashing out UKpound162m on a protein drinks maker, but signalled that a lack of cheap takeover deals could see the drugs giant re-start its multi-billion pound share-buyback programme.

Glaxo Set To Re-Start Share Buyback [Daily Mail, London]

From Daily Mail (London, England) (December 15, 2010)

Dec. 14--GlaxoSmithKline is splashing out UKpound162m on a protein drinks maker, but signalled that a lack of cheap takeover deals could see the drugs giant re-start its multi-billion pound share-buyback programme.

Chief executive Andrew Witty admitted that the clamour was growing for Glaxo to begin buying its own stock on the market after seeing the price of potential targets skyrocket.

Witty said: "The time when you start to see us move back towards share buyback, clearly that moment is inevitably coming forward."

Faced with a slew of drugs losing their patent protection, Glaxo two years ago suspended its stock buying scheme. Witty aimed to use the spare cash to swoop on smaller drugs and healthcare rivals -- and to pay for possible legal fights.

But he admitted yesterday that it was becoming "more dif