GSK to cement split with two new headquarters

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October 11 (Businesshala) – GlaxoSmithKline (GSK.L) on Monday announced plans for a new, £120 million ($164 million) headquarters for its soon-to-be independent consumer healthcare business and also its remaining pharmaceuticals and vaccines employees. said. will transfer.

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GSK is due to split in two in the middle of next year in its biggest shake-up in two decades with a joint venture with consumer healthcare arm, Pfizer (PFE.N), which sells brands like Sensodyne toothpaste and Advil pain reliever. Known for. Becoming a separately listed company.

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Headquarters for the new business, including research facilities, will be built in Weybridge, south-west of London, to house 1,400 employees from the end of 2024.

However, when the split occurs in mid-2022, employees will first move from GSK’s current corporate headquarters in Brentford, west London, to temporary facilities in Weybridge.

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Weybridge is already home to the GSK oral health research and development (R&D) site and Procter & Gamble (PGN) has an operation in the area. (PGN).

The rest of GSK’s Brentford employees, who work for the pharmaceuticals and vaccines business, will move to an unscheduled site in the same area at the end of 2023 or later, with the pharma giant saying it is “maintaining access”. ” Will happen. The UK’s world-leading science and innovation centre”.

GSK said it plans to provide more updates at that location in mid-2222.

GSK House, as it is known as Brentford Headquarters, was created nearly 20 years before GSK following the merger of SmithKline Beacham and Glaxowellcome in 2000. A spokesperson said it was too huge to hold either of the two successor companies.

Relocating to AstraZeneca’s (AZN.L) new corporate center and large R&D campus in the English university city of Cambridge could be thorny, as evidenced by years of delays in construction.

In 2013, when the plan was first unveiled, the cost was placed at £330 million and the aim was to have the center inaugurated by 2016, but construction lasted until 2020 and cost around £1 billion.

The listing of GSK’s consumer healthcare business will result in windfall gains of 8 billion pounds ($11 billion) and other financial benefits to boost drug development in the pharmaceuticals business.

($1 = 0.7335 pounds)

Reporting by Ludwig Berger; Editing by Kirsten Donovan

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