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Embattled GlaxoSmithKline hit with another fraud probe in Great Britian

LONDON--Britain's fraud agency on Tuesday said it had launched a probe into pharmaceutical giant GlaxoSmithKline, which is already subject of a series of investigations into alleged staff corruption.

The Serious Fraud Office (SFO) confirmed it had opened a “formal criminal investigation” into the London-based drugs manufacturer's commercial practices.

“GSK is committed to operating its business to the highest ethical standards and will continue to cooperate fully with the SFO,” said a company spokesman, without providing further details.

GSK last month said first-quarter revenues had fallen 10 percent to US$9.4 billion after a Chinese corruption investigation impacted sales growth at the company's emerging markets division.

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