Quest Diagnostics sale lifts hope of GlaxoSmithKline shares buy-back
11 April 2012
Analysts today predicted that GlaxoSmithKline will restart its multi-billion pound share buy-back scheme after it raised $1.7 billion (£1.05 billion) selling its stake in US blood testing firm Quest Diagnostics.
The pharmaceutical giant's £2.2 billion legal charge for diabetes drug Avandia put a buy-back in doubt.
But analysts at Jefferies International said: "Proceeds from the sale should allow the company to restart its repurchase programme."
After tax, Glaxo - which reports annual results tomorrow - will receive around £1.1 billion for its 30.8 million shares in Quest.
