Executive Briefings

U.K. May Be Leaving EU, But GlaxoSmithKline Isn't Leaving U.K.

GlaxoSmithKline is not planning to exit the U.K. just because the U.K. is exiting the European Union. As if to emphasize its commitment, the drugmaker said it intends to put a big chunk of money into expanding its manufacturing there.

GSK will invest £275m ($360.3m) in its sites at Barnard Castle in Durham County, Montrose in Scotland and Ware in Hertfordshire to expand production of new respiratory drugs and biopharmaceuticals. The company said it expected the expansion to lead to some unknown number of new jobs and provide further work for the 2,750 people already working at the three sites.

The company said there were plenty of reasons to feel good about new U.K. investments. It lauded the U.K.’s place in the pharma world and the benefits of the so-called patent box tax legislation from several years ago which taxes at a lower rate profits on new intellectual property created in the U.K. 

Specifically, GSK said it will invest £92m at Barnard Castle to build an aseptic sterile manufacturing plant for biologics, £110 million to expand API production for HIV drugs and vaccines at the Scotland plant and £74m at the Ware site for expansion of production of inhalers for its Ellipta respiratory drug.

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GSK will invest £275m ($360.3m) in its sites at Barnard Castle in Durham County, Montrose in Scotland and Ware in Hertfordshire to expand production of new respiratory drugs and biopharmaceuticals. The company said it expected the expansion to lead to some unknown number of new jobs and provide further work for the 2,750 people already working at the three sites.

The company said there were plenty of reasons to feel good about new U.K. investments. It lauded the U.K.’s place in the pharma world and the benefits of the so-called patent box tax legislation from several years ago which taxes at a lower rate profits on new intellectual property created in the U.K. 

Specifically, GSK said it will invest £92m at Barnard Castle to build an aseptic sterile manufacturing plant for biologics, £110 million to expand API production for HIV drugs and vaccines at the Scotland plant and £74m at the Ware site for expansion of production of inhalers for its Ellipta respiratory drug.

Read Full Article