COMPANIES GlaxoSmithKline, the UK’s largest drugmaker, appears poised to announce thousands of redundancies as it becomes the latest company in the sector to react to increasing low-cost competition for its patented products.
The company is expected to announce the cuts alongside its fourth-quarter results on Thursday. They are likely to be presented as an extension of the plan to achieve £750m in annual cost savings by 2010 that was presented in early 2007.
