The House of Commons Science and Technology Committee is to hold the merged company formed from Glaxo Wellcome and Smithkline Beecham to account for a commitment to reinvest savings from the merger in research and development.
Having heard evidence from the chairman designate (Sir Richard Sykes) and chief executive designate (Mr Jean Pierre Garnier) of the proposed new company that the merger would lead to annual R&D savings of £250m which would be reinvested in R£D, the committee said in its report on the matter: "We expect the new company to abide by these assurances and shall monitor its R&D activities."
Science and Technology Committee fourth report 1999-00]: Glaxo Wellcome and Smithkline Beecham.ISBN 0-10-223800-6, The Stationery Office, price £4.30.