GlaxoSmithKline To Develop Stevenage R&D Facility

(RTTNews) - Drugs giant GlaxoSmithKline plc (GSK, GSK.L) announced a new development plan that will create up to 5,000 new jobs over the next decade.

GSK said it has formally started the process to extend its existing 92-acre Research & Development site in Stevenage.

As part of the plan, GSK is planning to sell nearly a third of the site or 33 acres of land, with an aim to unlock up to £400 million in new investment from a private sector developer to build the new campus and potentially create up to 5,000 highly-skilled jobs, over the next five to ten years.

The company expects to select a development partner later this year, with a view for work to begin on master planning for the new campus in 2022.

Tony Wood, Senior Vice President, Medicinal Science & Technology, GSK said: "The past 18 months has shown the UK life sciences sector at its best and the UK has recently unveiled an ambitious 10-year vision for the UK life sciences sector. 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 realise our vision to foster the next generation of world-class scientists and biotechnology firms in Britain."