Two of Britain's big pharmaceutical companies, Glaxo Wellcome PLC and SmithKline Beecham PLC have reached agreement to merge into the world's largest drugmaker. The merger creates a company valued at more than £140 billion and which will have 7.5% share of the global pharmaceutical market. The group said that the merger would create cost savings of more than a £1 billion. Job cuts are expected, but no details were announced. The merger must be approved by the Federal Trade Commission and the European Union. Reaction in New York should be positive to the news, but analysts will have to wait until tomorrow to see how far the Dow will advance on the back of it as the markets in the US are closed to day for the Martin Luther King public holiday.
The Irish software company Baltimore that is listed in New York has acquired the US company GTE Cyber Trust Solutions for $150 million dollars or £117 million.
