GSK to Cut Costs with £1.9bn Programme
Pharmaceutical giant announces significant investment in UK life sciences alongside R&D site closures and relocations.
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Pharmaceuticals company GSK is launching a £1.9bn cost-cutting programme, with plans to invest £400m in UK life sciences over the next three years. This initiative includes the relocation of over 1,000 scientists to a new research and development site in Cambridge. The company also announced the closure of its R&D facility in Stevenage, Hertfordshire, by 2029.
Strategic Investment and Relocation
The new Cambridge site, situated on the biomedical campus, will span 300,000 sq ft and is designed to support research in areas such as oncology, respiratory conditions, hepatology, vaccines, and HIV. GSK stated that this move will integrate the company further into a leading global knowledge centre and enhance access to a network of biomedical research, patient care, and academic institutions. The company's investment has been welcomed by government officials as a boost for homegrown innovation and expertise.
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As part of the changes, GSK will also upgrade its R&D laboratories in Ware and transfer some employees there. The company aims to accelerate drug development, with a plan to double the number of phase 3 trials launched to 20. These large-scale studies are crucial for testing the efficacy of new treatments against existing ones or placebos.
Cost Savings and Future Plans
The £1.9bn cost-saving programme is targeted to achieve annual savings by 2029. According to Luke Miels, the GSK chief executive, approximately 45% of these savings are expected to come from efficiencies in support services, procurement, and process simplification. A further 40% will be generated by reallocating resources from established treatments to focus on new drug development. The exact number of global redundancies resulting from this programme has not been disclosed.
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This announcement follows a period of strategic review under Mr Miels, who took over as chief executive earlier this year. The company's shares saw a 6% increase on the London stock market following the announcement. The closure of the Stevenage site comes five years after GSK had announced plans to spend £400m on extending that campus.
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