Drugmaker GSK to steer Asian business from new Singapore HQ

(Reuters) – Drugmaker GlaxoSmithKline GSK.L said on Wednesday it was establishing a new global headquarters for Asia in Singapore, strengthening its presence in the city-state.

The British-based group expects its pharmaceutical, consumer healthcare and vaccine businesses to grow significantly faster in Asia than in the rest of the world and the new headquarters is designed to make the most of the opportunities.

Chief Executive Andrew Witty has made emerging markets a priority for GSK since taking over in 2008, but the drugmaker has had a rocky ride recently due to a damaging bribery scandal in China.

GSK was fined 3 billion yuan ($479 million) in China last year following allegations in 2013 it funneled funds to travel agencies to facilitate bribes to doctors and officials. The high-profile case hit GSK’s drug sales in the country.

The drugmaker said its new eight-story headquarters in Singapore would have capacity for up to 1,000 staff. Construction is expected to be completed by the end of 2016.

(Reporting by Ben Hirschler; Editing by Tom Heneghan)

• Business
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