GlaxoSmithKline shares slip on Avandia concerns

GlaxoSmithKline shares have come under pressure on worries about its diabetes treatment Avandia ahead of a European meeting later this week to review the drug's safety. The company's case has not been helped this morning by comments from the UK medicines and healthcare regulatory agency that the drug - once Glaxo's second biggest seller - should be pulled from the UK market. The news, coming ahead of Wednesday's European meeting, has seen Glaxo's shares decline 11.5p to £12.57. Joshua Raymond, market strategist at City Index, said: We have seen some selling in shares of GlaxoSmithKline this morning ahead of the important European Medicines Agency meeting on the safety of its Avandia drug. The meeting comes amongst damaging comments from the UK regulator that the risks of the diabetes drug outweighed its benefits. Sales of the drug have fallen by over a half in the last three years on concerns over the side effects and today's share price weakness is a result of fears by investors that the drug could be pulled from the shelves.