Actionable news
0
All posts from Actionable news
Actionable news in GSK: GLAXOSMITHKLINE PLC,

GlaxoSmithKline invests $360 million in UK despite Brexit vote

The GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013.

GlaxoSmithKline (GSK.L) plans 275 million pounds ($361 million) of new investments at three drug manufacturing sites in Britain, signaling its confidence in the country despite last month's vote to leave the European Union.

Britain's biggest drugmaker, which had argued against Brexit before the referendum, believes the UK remains an attractive place for making medicines, thanks to a skilled workforce and relatively low tax rates.

The country's so-called patent box boosts profits from patented innovations by halving the rate of corporation tax. This tax relief, which favors pharmaceutical companies, has come under fire in recent days from the opposition Labour Party.

GSK said on Wednesday it was investing in sites at Barnard Castle, in the north of England, Montrose, in Scotland, and Ware, north of London. It plans to increase production of next-generation respiratory drugs and biotech medicines.

The vast majority of these products will be exported.

"It is testament to our skilled UK workforce and the country’s leading...


More