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IPFS News Link • Vaccines and Vaccinations

Report: UK Chief Scientific Adviser Owns £600,000 Worth Of Shares In Covid Vaccine Manufacturer

•, Steve Watson

The UK's Chief Scientific Adviser Sir Patrick Vallance has hundreds of thousands of pounds worth of shares in a company that has been contracted to develop a coronavirus vaccine for the government, a report has revealed.

The Telegraph notes that Vallance owns 43,000 shares in GlaxoSmithKline (GSK) where he used to work as head of research and development.

Vallance previously accumulated 404,201 GSK shares, equating to a humongous £6.1 million in six years between 2012 to 2018, according to the report.

When he was appointed by the government, Vallance sold most of the shares, cashing in on £5 million, but did retain a sizeable portion, which would provide quite a return should GSK's vaccine come out on top over that of other pharmaceutical companies.

The Telegraph report notes that GSK has already signed contracts with both the UK and US governments, which could see up to 60 million doses of the vaccine provided in the UK and 100 million doses in the US.

The US government has already advanced £1.65 million to GSK, working along with Sanofi, another drug manufacturer. The deals have seen GSK's share price increase by close to two percent.