Pharma giant ditches £1bn London research hub and says UK ‘is not internationally competitive’
Merck scraps 125 jobs as it cans £1bn London research hub
- US pharmaceutical firm Merck, known as MSD in Europe, has cancelled plans for a £1bn research hub in King's Cross, London, citing the UK's lack of international competitiveness.
- The decision, which will result in 125 layoffs, contradicts the UK government's assertion that the country is the “most attractive place to invest in the world”.
- Merck said that significant changes are required to the UK's operating environment and investment priorities to prevent other companies from making similar moves.
- Industry reports, including one from the Association of the British Pharmaceutical Industry (ABPI), indicate a recent decline in foreign funding for the UK's pharmaceutical sector.
- This move is a considerable setback for the UK's ambition to become a global life sciences hub, with other major firms like AstraZeneca also expressing concerns over the investment climate.