Glaxosmithkline Adds New Headquarters

GlaxoSmithKline ($GSK@UK) has solidified plans for a new headquarters to house its consumer healthcare division. The facility will cost $164 million and reside in Weybridge southwest of London. The company plans to have about 1400 employees at that location by the end of 2024. As part of the move, Glaxo will split into two publicly traded companies. One will house pharmaceutical research and production while the other will focus on consumer brands—with partner Pfizer ($PFE@US)—like Sensodyne toothpaste and Advil. Glaxo stock was down nearly a percent as the news broke.