(Alliance News) - GlaxoSmithKline PLC on Friday set out plans to transform a site in Stevenage, with the pharmaceutical company in the hunt for a development partner to turn the English town into a life sciences leader.
GSK said it seeks to unlock GBP400 million in new investment from the private sector, and aims to create 5,000 "highly-skilled" jobs over the next five to 10 years.
"GSK has today announced that it has formally started the process of seeking a development partner to transform land within the company's existing 92-acre research & development site in Stevenage into one of Europe's largest 'cluster' for biotechnology and other early-stage life science companies," the company explained.
It is a vision GSK has developed alongside the UK government and the local council in Stevenage, which is in Hertfordshire, just north of London. GSK itself is based in Brentford, Middlesex, in the west of London.
GSK plans to select a development partner later this year, with a view of beginning work on the campus in 2022.
GSK Senior Vice President for Medicinal Science & Technology Tony Wood 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.
"If successful, the new campus could attract several world-class research organisations to Stevenage, creating exciting opportunities for collaboration in a state of the art, life science ecosystem."
GSK shares were 0.8% higher at 1,418.20 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Glaxosmithkline (GSK)