Merck Scraps £1 Billion London Hub in Fresh Blow to UK
AI-Generated Summary
Merck & Co. is terminating its early drug research in the UK and canceling plans for a £1 billion London research hub, citing the UK government's insufficient investment in life sciences and underpayment for new drugs. This decision marks a significant setback for the UK's pharmaceutical industry and will lead to 125 job losses.
In a nutshell
This move underscores growing concerns about the UK's competitiveness in the global life sciences sector, as a major pharmaceutical company withdraws significant investment and blames government policies. It highlights the challenges facing the country's efforts to attract and retain pharmaceutical innovation.
Source: Bloomberg
