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The dispatch

There is an old British saying about buses: you wait ages for one and then two arrive at once.

Pharmaceuticals analysts experienced something similar on Monday as the big two U.K. drugmakers — GSK and AstraZeneca — delivered major announcements.

GSK said Emma Walmsley, its CEO of nine years, who steered it through its demerger (its former consumer healthcare arm is now a separate company called Haleon), will leave at the end of the year. Her successor is Luke Miels, currently chief commercial officer, was poached from AZ amid acrimony eight years ago.

AZ, meanwhile, announced plans to "harmonise its share listing structure to deliver a global listing for global in

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