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Glaxo closes Biddle Sawyer
Mumbai, July 01: GlaxoSmithKline Pharmaceuticals on Monday said operations of its wholly-owned subsidiary Biddle Sawyer have been closed.
Mumbai, July 01: GlaxoSmithKline Pharmaceuticals on Monday said operations of its wholly-owned subsidiary Biddle Sawyer have been closed.
GlaxoSmithKline said in a statement to the Bombay Stock Exchange that Biddle Sawyer's factory in northern Mumbai and an office and godown were shut down from June 30.
GlaxoSmithKline had acquired Biddle Sawyer in 1998 but decided to close operations as its cost of manufacturing was too high, a spokesman said.
GlaxoSmithKline's shares were down 0.29 per cent at Rs 366.75 at the Bombay Stock Exchange while the benchmark exchange index was up 0.78 per cent. Bureau Report
GlaxoSmithKline said in a statement to the Bombay Stock Exchange that Biddle Sawyer's factory in northern Mumbai and an office and godown were shut down from June 30.
GlaxoSmithKline had acquired Biddle Sawyer in 1998 but decided to close operations as its cost of manufacturing was too high, a spokesman said.
GlaxoSmithKline's shares were down 0.29 per cent at Rs 366.75 at the Bombay Stock Exchange while the benchmark exchange index was up 0.78 per cent. Bureau Report