Pfizer in talks with potential buyer for Sandwich site

Pfizer has opened talks with a potential buyer for its facility in Sandwich, Kent, which could help to protect jobs in the area.

A consortium led by London and Metropolitan has been named as the preferred bidder for the site, which has acted as the pharmaceutical company's main European research centre prior to the announcement of its closure last year.

The prospective buyer is financed by a major European institutional real estate investor and will be able to create new opportunities at the Discovery Park site.

A statement from Pfizer said: "This announcement is a positive milestone in the transition of Discovery Park to becoming a research and development-led multiple-use campus with enterprise zone status."

The Sandwich facility utilises advanced screening technology to identify target drug development compounds for further study and played a key role in the creation of the erectile dysfunction treatment Viagra.

After the sale, Pfizer will retain a presence in Kent, maintaining around 650 staff positions.