Shares in GSK tumbled after a key blood cancer drug failed to win over US regulators – wiping more than £3billion off its value.
In a setback for chief executive Emma Walmsley, a Food and Drug Administration (FDA) committee recommended against approving Blenrep amid concerns over side effects.
GSK was trying to revive a product pulled from US markets in 2022. Its shares fell 4.6 per cent, or 65p, to 1348p yesterday.
The pharma firm hoped two trials showed Blenrep helped reduce the risk of death and delayed cancer progression as it seeks newer drug approvals to offset declining sales from top medicines and vaccines.
Setback: GSK chief executive Emma Walmsley saw shares fall 4.6 per cent, or 65p, to 1348p
GSK is also bracing for HIV patents to expire from 2028.
The FDA is due to give its formal decision next week, but bank analysts say that gaining approval is unlikely.
Side effects cited by the FDA advisory panel included blurred vision and dry eyes.
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