As part of a plan to create one of Europe’s largest biotech parks in Hertfordshire, the pharmaceutical giant GlaxoSmithKline will create as many as 5,000 new jobs in the next ten years.

The stakeholders stated that they would seek development partners to renovate the company’s existing 92-acre Stevenage Research and Development (R&D) site.

The company expects that as part of its cooperation with local councils, the UK government and commercial institutions, the plan will help private sector developers obtain up to 400 million pounds of new investment.

The site will make plans next year and already has one of GlaxoSmithKline’s two global R&D facilities and the current cell and gene therapy Catapult and Stevenage Bioscience Catalyst biotechnology centers. These centers have attracted startups, and they have raised approximately £1.6 billion of Funds.

Tony Wood, senior vice president of medicinal science and technology at GSK, said: “The past 18 months have 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.”

Stevenage Bioscience Catalyst chief executive Sally Ann Forsyth said: “Stevenage Bioscience Catalyst is home to over 40 companies and today’s proposal presents exciting opportunities to build on this by supporting their growth, attracting new organisations to the ecosystem and facilitating further collaboration with world-class organisations.”

The new campus could generate more than one million square feet of new floorspace for commercial life sciences research and development.

Source: Shropshire Star