GSK: Not interested in Gemzyme deal

Despite rumors, GlaxoSmithKline's senior vice president of medicines discovery and development, says his company isn't considering a bid for Genzyme.

Despite rumors, GlaxoSmithKline's Patrick Vallance, senior vice president of medicines discovery and development, says his company isn't considering a bid for Genzyme. He fears a major buyout would disrupt GSK's current research. "Those kind of big deals are incredibly destructive to research and development," Vallance told reporters in Massachusetts, as reported by Reuters. "There is an argument for maintaining a stable R&D organization."

GSK is more interested in small deals, like purchasing options to develop a biotech's drug. That allows the Pharma giant to take potential products for a "test drive" before investing heavily in the company or technology. Vallance also reiterated GSK's plan to focus on rare diseases where there's less competition and pricing pressure, instead of broad indications like depression and schizophrenia. Vallance's comments were made a the headquarters of Sirtris, a longevity-research company GSK purchased in 2008 for $720 million. Results fr