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July 28 (Reuters) - GSK on Tuesday launched a £1.9 billion ($2.52 billion) cost-savings program to ‌help fund the British drugmaker's late-stage ‌studies, aiming to deliver on CEO Luke Miels' promise ​of faster drug development and boost investor trust.

Under Miels, GSK has stepped up acquisitions, including a record one for Nuvalent in June, ‌as it rebuilds ⁠its cancer business and eyes faster development of its own drugs ⁠ahead of critical patent losses, which could weigh on its target of achieving more than £40 ​billion in ​annual revenue by ​2031.

Shares in the ‌company were up 4.2% by 1120 GMT after it also beat second-quarter profit expectations and said it would invest £400 million in the UK, including on a new R&D centre.

"To ‌fund investment in the ​late-stage portfolio and R&D, we ​are starting ​a 3-year cost-savings programme to simplify ‌the organisation and to ​reallocate capital ​and resources," Miels said in a statement.

($1 = 0.7532 pounds)

(Reporting by Raechel Thankam Job ​and Sri ‌Hari N S in Bengaluru, and Bhanvi ​Satija in London; Editing by Sherry ​Jacob-Phillips and Vijay Kishore)