GSK invests £500 million in biopharmaceutical factory in UK

GSK invests £500 million in biopharmaceutical factory in UK

12:04 PM, 2nd April 2012
GSK invests £500 million in biopharmaceutical factory in UK
Andrew Witty , CEO, GSK.

BRENTFORD, UK: GlaxoSmithKline (GSK) will invest more than £500 million in UK across its manufacturing sites to increase production of key active ingredients for its pharmaceutical products and vaccines. The company announced selection of Ulverston in Cumbria as the location for the first new GSK manufacturing facility to be built in the UK for almost 40 years. Investment will also be made at the company’s two manufacturing sites in Scotland at Montrose and Irvine.

These investments represent one of the largest commitments to the UK life-sciences sector in recent years. They follow confirmation by the Government in the Budget yesterday that it will implement a ‘patent box’ to encourage investment in R&D and related manufacturing in the UK, by introducing a lower rate of corporation tax on profits generated from UK-owned intellectual property. 

“The introduction of the patent box has transformed the way in which we view the UK as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain. Consequently, we can confirm that we will build GSK’s first new UK factory for almost 40 years and that we will make other substantial capital investments in our British manufacturing base,”  said Andrew Witty , CEO, GSK.

© WOC News 

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