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SB Execs: More Pie, Please

Executive Summary

SmithKline's middle managers aren't particularly happy with their financial stake in the new Glaxo SmithKline. Thanks to a new patent on clavulanic acid, SB's #2 drug which was supposed to lose patent protection in 2002, and the withdrawal of a key competitor to SB's new diabetes drug rosiglitazone, SB will probably be providing most of the near-term earnings growth to the combined company. But SB shareholders only get 41% of the combined company. SB employees will therefore be sharing the earnings of their company, reflected in the value of their options, disproportionately with Glaxo employees.
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