GlaxoSmithKline Chief Executive Officer Jean-Pierre Garnier sold $11.7 million in American depositary receipts, bringing proceeds of $2.6 million days after a panel said Glaxo's second-best seller could stay on the market.
Garnier, who leads Europe's largest drugmaker, exercised the options, which were due to elapse on Nov. 12. He sold 144,967 of the ADRs at an average price of $52.12 on Aug. 3 and 80,357 at an average price of $52 on Aug. 6, London-based Glaxo said today. The options were granted at a price of $40.54 each on Nov. 13, 1997, the company said.
``There are only certain periods in the year when he's able to sell and exercise shares,'' company spokesman Philip Thomson said in a telephone interview today. ``That's the reason behind the timing.''
Meanwhile.
The executive vice president and chief financial officer of drug developer Merck & Co. sold 63,000 shares of common stock, according to a Securities and Exchange Commission filing Friday.
In a Form 4 filed with the SEC, Judy C. Lewent reported she sold the shares for $50.10 to $51.22 apiece Wednesday.
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