16 JULY (Reuters) – GlaxoSmithKline (GSK.L), based in Stevenage, England, announced plans on Friday to build a new life sciences campus within its R&D facility, raising up to 400 million pounds ($552.76 million) by selling some of the complex’s property. The London-listed pharmaceutical company hopes to select a private-sector developer and sell 33 acres of the 92-acre land later this year. Work on the project, which has the support of the UK government, is set to begin in 2022. GSK is preparing for a planned spin-off of its consumer healthcare endeavor and a concentration on its prescription medications and vaccines business, with hefty spending to develop a new line of goods, as it battles activist investor Elliott. find out more “By the end of the decade, we want Stevenage to be the leading destination for medical and scientific research,” said Tony Wood, a senior executive at GSK. With the addition of the new site, GSK intends to create up to 5,000 employment in the next five to ten years. Stevenage is home to the UK’s largest cell and gene therapy cluster and is one of GSK’s two global R&D hubs. (1 pound = 0.7236 pound) Pushkala Aripaka in Bengaluru contributed reporting, and Shailesh Kuber and Uttaresh edited the piece. The Thomson Reuters Trust Principles are our standards./n
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