GSK (GSK) said Tuesday it plans to establish a new global research and development facility within Cambridge Biomedical Campus in the UK and spend 400 million British pounds (about $532 million) over three years to construct the center and upgrade existing laboratories in Ware.

The company said it will move its R&D operations in the UK to the new facility, which is expected to house over 1,000 researchers, and exit its current site in Stevenage through a gradual employee relocation ending by 2029.

Shares of the company were up 2.1% in Tuesday premarket activity.