GSK To Sell One-Third Of Its UK R&D Site For £400M - GSK (NYSE:GSK)

GlaxoSmithKline plc GSK is planning to sell more than one-third of its 92-acre R&D site in Stevenage, the U.K.
The Company is looking to sell 33 acres of the site and unlock up to £400 million ($554 million) of investment from a private sector developer to build a campus for biotechs and other early-stage life science companies.
The new campus could deliver 100,000 square meters of new floorspace.
While GSK wants to sell around 35% of the land, its existing R&D operations at Stevenage are unaffected by the new development plans.
The site is already home to the Cell and Gene Therapy Catapult and Stevenage Bioscience Catalyst, the latter of which is home to more than 40 companies.
“Our goal is for Stevenage to emerge as a top destination for medical and scientific research by the end of the decade,” Tony Wood, SVP, medicinal science and technology at GSK, said in a statement.
GSK plans to select a development partner by the end of the year and start master planning for the new campus in 2022.
Over the next five to 10 years, GSK sees the creation of up to 5,000 jobs.
The potential cash injection is the only near-term benefit, though, when GSK needs wins to ease the pressure from Elliott Management. The activist U.S. hedge fund has criticized GSK for its historically low R&D investment.
Price Action: GSK shares are up 0.08% at $39.65 during the premarket session on the last check Friday.