UPPER MERION, PA. — Global pharmaceutical company GSK plc (NYSE: GSK) will invest $800 million in its life sciences and manufacturing facilities in metro Philadelphia, an initiative that is expected to create about 300 new jobs within the local economy.
The announcement is a follow-up to the company’s pledge in late September to invest $30 billion in research-and-development (R&D) and manufacturing initiatives over the next five years, with $1.2 billion earmarked for expanding its existing technologies and advanced manufacturing sites, including its metro Philadelphia facilities.
The existing facilities are located in Upper Merion Township, about 20 miles northwest of Philadelphia. The expansion will involve some demolition of existing facilities to establish a biopharmaceutical innovation and manufacturing hub, integrating commercial production, R&D and advanced digital capabilities in a single site. Construction is scheduled to begin next year.
The new jobs are expected to be created over a five-year period, bringing GSK’s total employment in the region to about 4,500 positions. GSK announced a similar $800 million investment in its pharmaceutical and biotechnology facilities in Lancaster, about 70 miles west of Philadelphia, about two years ago.
The company will be eligible for tax benefits through Pennsylvania’s Qualified Manufacturing Innovation and Reinvestment Deduction program and its Manufacturing Tax Credit program. Additional information on incentives was not announced.
“Investing in additional commercial and R&D manufacturing with advanced digital capabilities at our Upper Merion site will help accelerate the development and supply of future medicines for patients,” says Regis Simard, president of GSK’ global supply chain division. “By expanding in Upper Merion, we’re building on that longstanding partnership while creating high-quality jobs and strengthening our ability to deliver the next generation of medicines.”
“GSK could have chosen anywhere in the world to expand production, but once again, they chose to renew and deepen their commitment to both the Commonwealth and our workers,” says Pennsylvania Gov. Josh Shapiro. “When companies like GSK double down on their commitment to Pennsylvania, we create more opportunities across the Commonwealth, spur meaningful economic growth and support our skilled workforce.”
The stock price of GSK, which has its global headquarters in London and U.S. headquarters in Philadelphia, opened at $49.44 per share on Monday, Oct. 19, up about 12 percent from $43.88 per share a year ago.
- Taylor Williams