The projected is expected to commence in 2022
GSK (LON:GSK) has set out plans to construct a new life sciences campus in the UK, one of the largest in Europe, as the pharmaceutical company attracted £400m of private investment.
The FTSE 100 company will raise the money by selling land in Hertfordshire and then turning it into a biotechnology campus.
The projected is expected to commence in 2022 having received backing from the UK government.
Cushman & Wakefield, the real estate services firm, said the site has the potential to be the UK’s second-largest sector cluster for specialist commercial life sciences. It would follow Cambridge, where AstraZeneca is constructing a £1bn global headquarters and research centre.
“Our goal is for Stevenage to emerge as a top destination for medical and scientific research by the end of the decade,” said Tony Wood, senior vice-president of medicinal science and technology at GSK.
“The past 18 months has shown the UK life sciences sector at its best,” he added.
Depending on planning permission, the site could offer a potential 2.5m sq ft of space.
GSK is aiming to create up to 5,000 jobs in the next five to 10 years by building the new campus.
The GSK share price is up by 0.57% during the morning session on Friday.
 set out plans to construct a new life sciences campus in the UK, one of the largest in Europe, as the pharmaceutical company attracted £400m of private investment.){kind=link}