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7/16, 10:09 AM (Source: TeleTrader)
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GSK looks for £400M investment for new research campus

GlaxoSmithKline plc (GSK) unveiled on Friday that it plans to unlock up to £400 million in new private investments in order to develop its Research & Development site in Stevenage into one of Europe's largest life science campuses.

The pharmaceutical firm intends to sell 33 acres of land on its 92-acre Stevenage site, with the aim of ramping up investment for the campus and finding a private developer to build the campus on that land. Additionally, the planned campus is expected to bring up to 5,000 jobs over the course of five to ten years. Lastly, GSK plans to find a partner by the end of this year for the development, with work commencing sometime in 2022.

Tony Wood, GSK Senior Vice President of Medicinal Science & Technology, commented on the move: "Our goal is for Stevenage to emerge as a top destination for medical and scientific research by the end of the decade. We are excited to find a development partner to realize our vision to foster the next generation of world-class scientists and biotechnology firms in Britain."

Breaking the News / OL