In a formal apology issued by the company, GSK said "fully accepts the facts and evidence of the investigation, and the verdict of the Chinese judicial authorities".
"Furthermore, GSK sincerely apologises to the Chinese patients, doctors and hospitals, and to the Chinese Government and the Chinese people. GSK deeply regrets the damage caused. GSK also apologises for the harm caused to individuals who were illegally investigated by GSK China Investment Co," it continued.
Glaxo said the fine would be paid by the company's Chinese business, which accounts for around 3pc of global sales.
GSK has spent a year under a cloud in China since Beijing accused the company of acting like a "criminal godfather" by paying as much as £300m in bribes to doctors to increase sales.
Mark Reilly, the former head of the Chinese business was accused of co-ordinating the bribery and has been under a travel ban in the country for months. He will be deported to the UK, according to Chinese news agency Xinhua.
Shares in the company climbed 11p to £14.44 following the news.
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