According to reports, Andrew Witty, Chief Executive of GlaxoSmithKline, has stated that a £50 million ‘venture fund’ could be available to ex-Pfizer staff who are keen to set up on their own.
Witty stated that “Clearly that fund will also look and see whether or not there are things which could be spun out of that operation or maybe teams of scientists who want to create their own company. If it is a compelling case, then that fund is there to do exactly that kind of thing.”
The announcement comes after the news that Pfizer will be closing their sire in Sandwich within two years, cutting 2,400 pharmaceutical jobs.
Witty is keen to harness the talent of the “very highly skilled people” that work at the Pfizer site. He said, “If there are people there who are interested to move to GSK, whose skill set fits our skillset needs, that is something of course we are going to look at.”
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