GSK backing $60M biotech science cluster

In an effort to create a new biotech cluster which can eventually rival Boston's, GlaxoSmithKline is joining hands with the British government, the nonprofit Wellcome Trust and the East of England Development Agency to create a new science park that will eventually become home to 1,500 scientists devoted to new drug development. Altogether, the three groups will chip in close to $60 million in cash and facilities to create the hub at Glaxo's site near Stevenage.

The backers are hoping to lure in a new crop of start-up biotechs with offers of easy access to R&D equipment, specialist skills and biotech expertise. For Glaxo, which is putting up land, facilities and cash in the deal, it's a chance to help breed a new generation of drug developer that it can tap for new programs and fresh ideas. And for the UK, it's a chance to help encourage a wobbly biotech industry that has been hammered by a severe cash crunch.

"The Stevenage Campus will affirm the UK as a global hub for the life-sciences industry," said Glaxo Chief Andrew Witty. "It will bring together scientists from around the world, providing them with new access to leading research and development facilities. This will foster innovation and accelerate the discovery and development of new medicines."

- check out the release from Glaxo

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