Disposal

GlaxoSmithKline PLC
30 July 2001

 Issued 30th July 2001, London

        GlaxoSmithKline Divests Affymax Business To Venture Syndicate
                     Led By Patricof & Co. Ventures, Inc.

GlaxoSmithKline plc (GSK) today announced an agreement for the sale of the
Affymax business, a GSK drug-discovery operation in California, to Affymax
Inc. a new company founded by a syndicate of venture capital firms led by
Patricof & Co. Ventures, Inc.

Glaxo Wellcome originally purchased the Affymax business as a
technology-development centre, focused on combinatorial chemistry and
high-throughput screening. However, the Affymax business has moved on to
become a drug-discovery company. GSK's decision follows a review of its drug
discovery operations. The Affymax business technologies of combinatorial
chemistry and high throughput screening will continue to be used in the GSK R&
D organisation.

Under the terms of the divestiture, which are subject to a definitive
agreement, GSK will receive non-voting preferred stock in Affymax Inc. in
exchange for the Affymax business. GSK will not participate in the management
of Affymax Inc, nor have any representation on the Board. The transaction is
expected to be completed within the next month.

The transaction to sell the Affymax business will be recorded as a sale of net
assets worth approximately £3 million and will result in cost savings to GSK.
As a result of the sale, an exceptional charge of approximately £305 million
will be made in the current financial year. This charge includes a goodwill
write-off of £299 million which arose on the original purchase of the Affymax
business and was previously written-off to reserves. To comply with current
accounting standards on disposals, this goodwill will be re-instated and then
written-off as an exceptional charge to the P&L account.

GlaxoSmithKline - one of the world's leading research-based pharmaceutical and
healthcare companies - is committed to improving the quality of human life by
enabling people to do more, feel better, and live longer.

Enquiries:
UK Media enquiries:                     Martin Sutton        [phone]

                                        Philip Thomson       [phone]

                                        Alan Chandler        [phone]

US Media enquiries:                     Nancy Pekarek        [phone]

                                        Mary Anne Rhyne      [phone]

European Analyst/Investor enquiries:    Jennie Younger       [phone]

                                        Duncan Learmouth     [phone]

                                        Anita Kidgell        [phone]

US Analyst/ Investor enquiries:         Frank Murdolo        [phone]

                                        Tom Curry            [phone]