GSK to cut jobs amid £1.9bn cost-cutting plan and bid for faster drug development
Summary
GSK, a British drug company, plans to cut jobs and save £1.9 billion by 2029 to invest £400 million in UK life sciences. It will move over 1,000 scientists to a new research center in Cambridge and close its Stevenage site by 2029 to speed up drug development.Key Facts
- GSK aims to save £1.9 billion annually by 2029 through job cuts and cost reductions.
- The company will invest £400 million in UK life sciences over the next three years.
- More than 1,000 scientists will relocate to a new 300,000-square-foot research center on the Cambridge biomedical campus.
- GSK will close its Stevenage R&D site in Hertfordshire by 2029 and upgrade labs in nearby Ware.
- The new Cambridge center will focus on research areas like cancer, respiratory diseases, liver conditions, vaccines, and HIV.
- This move integrates GSK into the UK’s "golden triangle" of Cambridge, Oxford, and London for better research collaboration.
- GSK plans to launch 20 large-scale clinical trials (phase 3) to test new drug treatments, doubling previous numbers.
- About 45% of savings will come from cutting support services and simplifying processes, while 40% will come from shifting resources to new drugs.
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