GlaxoSmithKline slips after insomnia treatment setback

Proving that AstraZeneca is not the only drug company to have difficulties with its pipeline, GlaxoSmithKline and its Swiss partner Actelion have announced they are stopping development of an insomnia treatment. Actelion said the decision followed a review of data from clinical trials of the drug, almorexant. There had already been some safety concerns over the treatment, so the news is not exactly a major surprise. Even so, ahead of its results next Thursday, it has helped sent Glaxo's shares down 26p to £11.47, making the company the second biggest faller in the FTSE 100 at the moment.