GSK Rumor Helps Off-Set News Of Criminal Probe

Glaxo SmithKline PLC

shares recovered from an early morning stumble after Reuters reported a rumor that the British drugs giant was seeking private equity bids for a range of its older drugs. Reuters said the information was according to two people with direct knowledge of the matter and that a Glaxo spokesman declined comment. Glaxo publicly discussed prospects for selling older, established products last month. Earlier Thursday, Glaxo slipped nearly 2 percent after it revealed the Serious Fraud Office of Britain opened a criminal investigation into its "commercial practices." The company didn't offer details, although Chines authorities have accused several managers of bribing doctors. Glaxo gained 1.04 percent recently, trading at $54.33.