GlaxoSmithKline PLC (GSK) is "not in the market" for big merger and acquisition deals, but will continue to look for targeted investments and potential bolt-on acquisitions, Chief Executive Andrew Witty said Wednesday.

Speaking to reporters after the world's second-largest pharmaceutical company reported declining first-quarter profits, Witty declined to comment on speculation about specific companies, such as eyecare specialist Alcon Inc. (ACL), that have been highlighted as possible targets for GlaxoSmithKline.

Company Web site: www.gsk.com

-By Elena Berton, Dow Jones Newswires; 44 20 7842 9267; elena.berton@dowjones.com