With the current weakness in the market, it is no surprise that investors have picked on the more negative of a couple of pieces of news at pharmaceuticals group GlaxoSmithKline.
The company's shares have dipped 16p to 1099.5p after it ended a collaboration with US biotech group Synta, following the suspension of clinical trials of an experimental skin cancer drug called elesclomol.
On the other hand, Glaxo is linking up with Indian group Dr Reddy's to develop products for emerging markets outside India. Glaxo will gain access to Dr Reddy's portfolio and pipeline of 100 products.
Meanwhile AstraZeneca is one of the few risers in the FTSE 100, up 14p to £26.43 after Citigroup raised its earnings per share forecast for 2009 by 6% and upgraded its recommendation to buy. This follows a positive note on the company late last week from analysts at UBS, who raised their price target from £28 to £31.
Overall the market has remained firmly in negative territory. The FTSE 100 is currently 75.95 points lower at 4366.00, with miners leading the way down as commodity prices continue to slide.
