March 11 (Reuters) - Drugmaker GlaxoSmithKline saidon Wednesday it was establishing a new global headquarters forAsia in Singapore, strengthening its presence in the city-state.
The British-based group expects its pharmaceutical, consumerhealthcare and vaccine businesses to grow significantly fasterin Asia than in the rest of the world and the new headquartersis designed to make the most of the opportunities.
Chief Executive Andrew Witty has made emerging markets apriority for GSK since taking over in 2008, but the drugmakerhas had a rocky ride recently due to a damaging bribery scandalin China.
GSK was fined 3 billion yuan ($479 million) in China lastyear following allegations in 2013 it funnelled funds to travelagencies to facilitate bribes to doctors and officials. Thehigh-profile case hit GSK's drug sales in the country.
The drugmaker said its new eight-storey headquarters inSingapore would have capacity for up to 1,000 staff.Construction is expected to be completed by the end of 2016. (Reporting by Ben Hirschler; Editing by Tom Heneghan)
Glaxosmithkline (GSK)