Take-Over Bid By Glaxo For Wellcome

EDM number 626 in 1994-95, proposed by Jim Cousins on 15/02/1995.

That this House notes the take-over bid by Glaxo for Wellcome; recognises the important role both companies have played in putting the United Kingdom amongst the leaders in the world pharmaceutical industry; is concerned at this recent turn of events and in particular the significant job losses which will undoubtedly occur as a consequence of streamlining research and development programmes, rationalising manufacturing facilities and reshaping the selling and administrative functions; criticises the decision of the Wellcome Trust to dispose of its total shareholding in Wellcome without apparent regard for the longstanding relationship between the Trust and the company or without obtaining assurances about the long-term interests of the employees at Wellcome; and calls upon Her Majesty's Government to develop an effective industrial strategy for the pharmaceutical industry which encourages co-operation and joint ventures for the benefit of all and avoids the distracting and damaging consequences of leaving the future of major United Kingdom companies entirely in the hands of the financial markets. (Relevant registered interest declared).

This motion has been signed by a total of 49 MPs.