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SmithKline, AHP in talks?
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January 19, 1998: 9:11 a.m. ET
SmithKline said seeking joint ventures with American Home Products
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NEW YORK (CNNfn) - Shares of pharmaceuticals firm SmithKline Beecham PLC bolted higher in London trading Monday on rumors it is in talks with American Home Products about a variety of deals.
According to the Financial Times, SmithKline and AHP, a drug and health care products company, are discussing cooperation between their consumer health care units , a strong sector for SmithKline after its 1995 acquisition of Sterling Health.
SmithKline's consumer products include Tagamet 100 antacid, Aquafresh toothpaste and Nicoderm smoking cessation products.
To that lineup, AHP could add its Advil and Anacin analgesics, Dristan sinus medicine, Primatene asthma medicine, and Centrum vitamins..
American Home Products also could be considering entering into a joint venture with the pharmacy benefits division of SmithKline.
SmithKline officials declined to comment on the report. "We do not comment on press speculation," a company spokesman said Monday.
SmithKline shares were up 6 percent at midday Monday on the London Stock Exchange. Its stock (SBH) is traded as an American Depositary Share on the New York Stock Exchange, which is closed Monday for a holiday.
The speculation over a deal energized the stock of other British pharmaceutical firms, including Glaxo Wellcome PLC, an American Depositary Receipt on the NYSE (GLX) and Zeneca Group (ZEN), both of which rose almost 3 percent Monday.
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