GSK plots £200m investment in Britain to boost medicine production
GSK, formerly Glaxosmithkline, is planning to invest hundreds of millions into the UK over the next two years.
The London-listed pharmaceutical giant is looking at pumping more than £200m into its UK sites between 2023 and 2025, including constructing new facilities and assembly lines.
It is also working on a £67m revamp of one of its Scottish factories, based in Montrose. The investment will be used to boost production of compounds used in a variety of its medicines.
Regis Simard, head of global supply chain, told The Mail on Sunday: “GSK has a proud heritage of making innovative medicines in the UK.
“Our six UK manufacturing sites, including Montrose, are an important part of our global manufacturing network and we’re continuously investing in science, technology and skills to deliver medicines faster and more efficiently.”
It comes after a strong year for the FTSE 100 firm, which is valued at £65bn. Shares are up nine per cent over the last twelve months and the company lifted its full-year profit forecasts twice last year, despite a fall in sales of its Covid drugs.
On Tuesday, GSK announced the acquisition of the biopharmaceutical group Aiolos Bio in a deal worth up to £1.1bn.
Chief executive Dame Emma Walmsley sung the praises of the UK economy earlier this month, stating that Britain was “uniquely placed” to perform well in the life sciences sector. Walmsley said strong academic skills, high profile companies and the NHS put the UK ahead of other countries.
In September, GSK opened a new £65m drug factory in Hertfordshire to rapidly produce medicines developed through its research pipeline.
GSK’s backing of Britain is in stark contrast to its rival Astrazeneca, whose boss Pascal Soriot has described it as “very unattractive for companies to invest.”