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Briefs: Drugmaker GSK to cut back U.S. sales force

Last update: November 5, 2008 - 11:32 PM

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British drugmaker GlaxoSmithKline PLC is restructuring its U.S. operations, starting with reducing its U.S. sales force by 1,000, following the lead of many of its top competitors in eliminating sales jobs. The world's No. 2 drugmaker by revenue also will switch from having dual U.S. headquarters, in Philadelphia and in Research Triangle Park, N.C., to operating just the North Carolina headquarters. U.S.-traded shares of GlaxoSmithKline fell $3.23, or 8 percent, to close at $36.96 Wednesday. GSK, the maker of antidepressant Wellbutrin and Requip for Parkinson's disease and restless legs syndrome, has about 8,500 sales reps among its U.S. staff of 22,500.

Crude oil prices drop more than $5 a barrel

Oil prices dipped below $66 a barrel Wednesday as investor focus once again seemed to shift to the growing global economic malaise and its potential impact on energy demand. A day after oil staged an Election Day rally, even indications that OPEC was following through on an earlier pledge to pull 1.5 million barrels of crude a day from the market failed to support prices. Light, sweet crude for December delivery fell $5.23 to $65.30 a barrel on the New York Mercantile Exchange. Gasoline prices fell again overnight, dipping a couple of cents to a national average of $2.365 for a gallon of regular unleaded on Wednesday, according to www.fuelgaugereport.com. Twin Cities gas prices dropped 2.4 cents to an average of $2.033 Wednesday, according to www.twincitiesgasprices.com.

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