On Friday, British pharma giant GlaxoSmithKline said, it plans to set up a new life sciences campus within its R&D site in Stevenage, England, by raising up to $552.76 million (400 million pounds) by selling some land at the facility.

In a statement London-listed GlaxoSmithKline said, it expects to select a private-sector developer later this year and sell 33 acres from its 92-acre site. Work on the UK government-backed project is expected to begin next year.

Locking horns with activist investor Elliot Management, GSK is preparing for a planned spin-off of its consumer healthcare venture and focus on its prescription drugs and vaccines business, to develop a new line of products. 

“Our goal is for Stevenage to emerge as the top destination for medical and scientific research by the end of the decade,” said Tony Wood, a senior executive at GSK.

The company aims to create up to 5,000 jobs in the next five to 10 years following the addition of the new campus.

($1 = 0.7236 pounds)

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