There’s a lot of big changes on the horizon for the pharmaceutical giant GlaxoSmithKline (GSK) in the coming year.
The company announced yesterday that it plans to invest approximately $360 million into three plants in Britain—which comes as a surprise on the heels of the announcement of the Brexit and the resulting concerns companies have expressed with the pharmaceutical climate in the UK going forward.
Andrew Witty, long time CEO of GSK, said that Britain’s “‘competitive corporate tax system’ and skilled workforce influenced the decision to invest in the manufacturing of new respiratory and large molecule biological medicines in the U.K.”
The same press release on the company’s investment also revealed the company’s net loss of 435 million pounds “due to currency adjustments in the valuation of liabilities associated with its consumer health-care and HIV businesses.”
In addition, after a decade as GSK’s CEO, Witty announced his retirement earlier this year, which will be effective in 2017.
As his reign trickles to a close—and as the company’s HIV drug pipeline is being called into question—Witty participates in a video with Bloomberg to discuss the company’s earnings and some of the drugs coming down the pipeline.
Filed Under: Drug Discovery