The International Pharmaceutical Company GlaxoSmithKline announced that it plans to invest $95 million for setting up a new research institute. The research institute will be set up in Seattle the proposed name of the institute is ‘Altius Institute of Biomedical Sciences’. The research facility will help in speeding up the drug development along with it playing a vital role in drug discovery. The state of the art facility will also undertake studies on cells and genes specifically on their functioning this will help them in development of new medicines.
The Institute which will be established as a not for profit institute has a deal with GSK that the all the discoveries which will be made along with the research work it will be the patented property of GSK. John Stamatoyannopoulos of the University of Washington School of Medicine will head the Altius Institute will be headed by him. The GSK had an agreement with the Institute that GSK will provide it with the resources including cash worth $95 million, the length of agreement is of 10 years.
GSK focus although has been shifted towards the non-pharmaceutical business. The other business of GSK which is of consumer health products accounts for 19% in overall revenue and the revenue from vaccine business amounted to 14% of the total revenue.