Volume 90 Issue 14 | pp. 12-13 | Concentrates
Issue Date: April 2, 2012

GSK Follows Through On U.K. Investments

Department: Business
Keywords: investment, tax, intellectual property, manufacturing

Detailing earlier plans, GlaxoSmithKline says it will invest more than $800 million in its U.K. manufacturing sites. The drug­maker says $550 million will go toward building a biopharmaceuticals plant in Ulverston, England, its first new U.K. production facility in nearly 40 years. GSK will also expand sites in Montrose and Irvine, Scotland. The investments are expected to create about 1,000 new jobs. The announcement follows confirmation by the U.K. government that it will implement its “patent box” scheme, which offers lower tax rates on profits generated from intellectual property registered in the U.K. (C&EN, Dec. 6, 2010, page 12). “The introduction of the patent box has transformed the way in which we view the U.K. as a location for new investments,” GSK CEO Andrew Witty says.

 
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ISSN 0009-2347
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