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GSK has announced it will shut its main research and development hub in Stevenage and open a new site in Cambridge.
The pharmaceutical giant said there will be a phased move more than 1,000 staff that work in Stevenage to the new 300,000 sq ft centre in Cambridge by 2029.
Some staff currently based in Stevenage will move to its site in Ware, which is also set for an upgrade as part of its £400m investment plan over the next three years.
The company, which is headquartered in London, is expected to announce sweeping cuts and redundancies across other departments to help pay for the investment.
Luke Miels, chief executive at GSK, said:
double quotation mark This investment will accelerate our R&D and help us deliver new, competitive products.It integrates GSK further into one of the world’s leading centres of knowledge and demonstrates the attractiveness of the UK’s life sciences ecosystem.
Prime minister Andy Burnham has praised the investment:
double quotation mark I’m determined to build a country that backs industry so that benefits are felt in every postcode.This investment by GSK is a vote of confidence in British business. A boost for home grown innovation and expertise. And a step towards more people getting access to new medicines and cutting edge treatments that will change lives for the better.
And chancellor John Healey adds:
double quotation mark This investment is a significant vote of confidence in the British economy and in Cambridge’s cutting-edge life sciences sector.It will support hundreds of high-skilled jobs in the East of England, boost the UK’s international status as a leading medical innovator, and help our drive for growth in every postcode.
The new R&D centre is being developed by the US property group Prologis and is within the wider Cambridge Biomedical Campus, which GSK describes as “one of the largest of its kind in Europe”.
Shares in GSK are up by 2.6% this afternoon.
Originally published on www.theguardian.com — View original