GlaxoSmithKline PLC (NYSE:GSK) has agreed to cut the British government's order of H1N1 swine flu vaccine by around a third without penalty. GlaxoSmithKline PLC. trades on the “New York Stock Exchange” under the stock symbol “GSK”. For More information regarding “GSK”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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GlaxoSmithKline PLC (NYSE:GSK) has agreed to cut the British Government's order of H1N1 swine flu vaccine by around a third without penalty.
Under an agreement announced Tuesday, the government's order has been capped at 34.8 million doses. It will not pay a cancellation fee after both sides agreed that the settlement, terms of which were not disclosed, represented "fair value."
The British government had ordered enough vaccine to protect the entire population if needed, but was later advised by experts that contingency would no longer be necessary.
"This deal means the UK will save approximately one third of the original value of the orders with GSK," said Health Secretary Andy Burnham. "This both protects the public purse and ensures the UK remains at the forefront of pandemic preparedness worldwide."
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