The threat of slowing demand and new competition in GlaxoSmithKline’s flagship HIV drug business has unnerved investors in the UK’s biggest drugmaker, sending its shares down 1.8%.

GlaxoSmithKline, battered by weak US drug sales and a bribery scandal inChina, set out a bold recovery plan yesterday, including an initial public offering of part of its fast-growing HIV and AIDS drugs business.

New York: Pfizer business development VP William Ringo is to retire.