New biotech park in Scotland
Newhouse – An example of Schumpeter's dictum of creative destruction can be witnessed in Scotland. A former research site of US-pharma company Merck will be reborn as a biotech science park. BioCity Scotland Ltd, a joint venture between BioCity Nottingham and Roslin BioCentre, announced the acquisition of the 23 acre site at Newhouse in Lanarkshire. It was closed last year as part of Merck Inc’s global R&D downsizing. It comprises 130,000 sq ft of purpose built laboratories and office space and is located between the city centres of Glasgow and Edinburgh. "BioCity Nottingham’s success in nurturing and growing over 70 new companies since 2003, and Roslin’s expertise in life sciences innovation and facilities management makes this team the perfect commercial partnership", said Louis J. Nisbet, Chairman of BioCity Scotland. The site has already signed up its first two tenants, and hopes to create as many as 500 jobs at the location. A total of 250 jobs were lost after Merck (known as Merck Sharp & Dohme in Europe) announced its closure in July 2010.