GSK chief steels for survival fight

EMBATTLED GlaxoSmithKline chief Emma Walmsley is expected to reinforce her defences against corporate raider Elliott this week when t he pharma gi ant posts improving revenues.

The Mail on Sunday understands Walmsley has met with a string of large investors since she detailed her vision for the future of the business last month.

She is expected to tell the City that a number of investors have advised her to stick to her current strategy and not be distracted by Elliott’s calls for a shake-up.

The company has been rocked since the US activist investor took a multi-billion pound stake. GSK plans to split i nto t wo next year through the demerger of its consumer arm.

Last week, it appointed consumer health care head Brian McNamara to run it after a recruitment process involving two headhunters.

Elliott wants a similar process for the remaining biopharma business, effectively demanding that Walmsley reapplies for her own job.

The stock at the £71 billion firm has risen 10 per cent since Elliott’s stake emerged in April, closing at £ 14.16 on Friday.