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Merger creates world's largest drugmaker

LONDON -- British pharmaceutical heavyweights Glaxo Wellcome PLC and SmithKline Beecham PLC reached agreement to merge into the world's largest drugmaker, the companies announced Monday.\r\rThe merger would create a company valued at $182.4 billion and with a 7.3 percent share of the global pharmaceutical market.\r\rThe company expects $1.6 billion in pretax cost savings after three years. The group said job cuts were expected, but it released no other details. Full storu -- The Augusta Chronicle\r