*GlaxoSmithKline plc (GSK 39.51 NYSE – yield 4.90%) faces good news and bad. The bad is that Glaxo’s Wellbutrin anti-depression drug faces generic competition from Sun Pharma of India which got FDA approval for its ANDA for a clone drug in 3 sizes. The good news is that France’s Vivalis will create a seasonal and pandemic flu vaccine based on its EB661 cell-line under its contract with GSK and gets milestone payments. The new process avoids the slow growth of vaccines in chicken embryo eggs, which is ineffi cient and costly. The other good news is that another partner of GSK, Chemo Centryx, delivered a fourth target against infl ammatory disease, Chem R23 which will be orally administered. This builds on an agonist to chemarin ligands which fl ow around in human blood but are activated at infl ammation sites. GSK is paying a $5 million milestone for this.