GlaxoSmithKline (GSK) is collaborating with the government, the Wellcome Trust and the East of England Development Agency (EEDA) to create a new biotechnology science park at the company’s base in Stevenage, with total funding of £38 million.
GSK is contributing £11 million to the park in land and facilities. The Department for Business, Innovation and Skills will invest almost £12 million, the Technology Strategy Board £5 million, the Wellcome Trust almost £6 million and the EEDA £4 million.
The park will aim to attract small, early-stage biotechnology companies, which will have shared access to specialist skills, scientific equipment and expertise to stimulate innovation. It will initially house 25 companies, and it is estimated that 1,500 new jobs will be created. GSK also has plans to further expand capacity at the park in the future.
The new park has been conceived as a competitor to similar sites in Boston, California and North Carolina in the USA.
Building work will begin in early 2010 with companies moving onto the site in 2011.
Further reading - A detailed analysis of the UK pharmaceutical market, including some background information on GSK, is available from Espicom: The Pharmaceutical Market: United Kingdom (published September 2009)