GSK shares fall 8% after €4.5bn cancer drug deal

British pharmaceutical giant GlaxoSmithKline (GSK), which employs 1,700 in Ireland, has agreed to buy US cancer specialist Tesaro for $5.1bn (€4.5bn), while also selling its Indian Horlicks business to Unilever for $3.8bn.

Shares in GSK fell almost 8% as investors said the Tesaro deal was overpriced.