LONDON May 12 High-profile British fund manager
Neil Woodford said on Friday he had sold out of pharmaceutical
company GlaxoSmithKline after holding shares in the
company for more than 15 years.
In a strongly worded blog post on the firm's website
entitled 'Glaxit', Woodford said the firm had a weak pipeline of
new drugs and a lack of strategic options, which made him less
convinced that the dividend was sustainable.
While he had spoke to management regularly over the years
and argued for a break-up of the company into separate, more
specialised business units, he said the prospect "now looks more
remote than ever".
(Reporting by Simon Jessop; editing by Carolyn Cohn)