GSK finds no wrongdoing with Botox marketing in China
GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) said in a statement it "thoroughly investigated" allegations relating to the sales and marketing of Botox onabotulinumtoxinA in China and found "no evidence of bribery or corruption." According to The Wall Street Journal, an anonymous source notified GSK of allegations that its Chinese sales staff bribed doctors over the past year to prescribe Botox, a vacuum-dried purified botulinum toxin type A. GSK has rights from Allergan Inc. (NYSE:AGN) to develop and commercialize Botox in China and Japan. The drug is approved for 25 different indications in about 85 countries.
GSK also said it is cooperating with Chinese authorities on a government investigation, but the pharma said it is not clear what the "precise nature" of the investigation is. In June, the WSJ said Chinese police detained an undisclosed number of GSK employees due to suspected "economic crimes." ...