GlaxoSmithKline Shares Tumble to Four-Year Low.

Publication: The Philadelphia Inquirer (Philadelphia, Pennsylvania) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2002 The Philadelphia Inquirer

Byline: Linda Loyd

Jun. 1--Shares of GlaxoSmithKline P.L.C. tumbled to a 4-year low yesterday, following a report that it has had preliminary merger discussions with Bristol-Myers Squibb Co.

Executives from each company met in the Princeton, N.J., offices of Bristol-Myers in the last two weeks, Hemant Shah, independent drug industry analyst in Warren, N.J., said. "I have sources who said they have met," Shah said in a telephone interview.

Glaxo, of London, has its U.S. headquarters in Philadelphia and North Carolina. The world's second-largest pharmaceutical company has had exploratory talks with Bristol-Myers on whether a merger would work, the...

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