GSK to invest $17M in biotech ‘global hub’ near London
Andrew Witty
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RESEARCH TRIANGLE PARK, N.C. – Global drug giant GlaxoSmithKline (NYSE: GSK) is pouring millions of dollars into an effort to launch new biotechnology companies in the United Kingdom.
And North Carolina’s biotech sector, which employs some 50,000 people, is an example GSK seeks to emulate.
“It is hoped that this campus, supported by Government, business and academia, will compete with those in Boston, California and North Carolina in the United States,” GSK said in its announcement.
GSK, which maintains its U.S. headquarters and employs some 4,000 people in the Triangle, is teaming with the U.K. government and the Wellcome Trust for the project at a GSK complex north of London in Stevenage.
GSK will invest $17.4 million in cash, facilities and land.
The East of England Development Agency, other government agencies and the Wellcome Trust will provide some $40 million.
“The Stevenage Campus will affirm the U.K. as a global hub for the life-sciences industry,” said GSK Chief Executive Officer Andrew Witty. “It will bring together scientists from around the world, providing them with new access to leading research and development facilities. This will foster innovation and accelerate the discovery and development of new medicines.”
According to GSK, the complex will have the capacity to support 1,500 scientists.
“It is hoped that this campus, supported by Government, business and academia, will compete with those in Boston, California and North Carolina in the United States,” GSK said in its announcement.
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