GSK confirms post-Brexit UK still attractive, with £275 million in manufacturing network

GlaxoSmithKline (LSE: GSK), Britain’s largest pharma company, this morning announced £275 million ($360 million) of new investments at three of its manufacturing sites in the UK to boost production and support delivery of its latest innovative respiratory and large molecule biological medicines.

The vast majority of these products will be for export to global markets, said the company which, along with the vast majority of the pharmaceutical and biotechnology industrialists, warned of the dangers that the UK would face in the event of the nation voting to leave the European Union.

GSK, which is due to report second-quarter financial results later today, clearly believes that the UK remains “an attractive location” despite Brexit. Sterling has fallen 10% against the dollar and the euro since the referendum result on June 24, thus there is the benefit of a cheaper pound when producing products bound for foreign markets.