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3 months ago
Top-10 Glaxo investor Woodford sells out, fires broadside at board
May 12, 2017 / 11:29 AM / 3 months ago

Top-10 Glaxo investor Woodford sells out, fires broadside at board

LONDON, May 12 (Reuters) - 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)

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