AstraZeneca Intends to Make $831 Million Financial Commitment in the UK
The contributions consist of multiple investments that aim to boost pandemic preparedness and overall public health protection.
AstraZeneca is planning to invest $831 million (£650 million) in the UK life sciences sector. The large investment will be distributed among various efforts within the space.
The Big Phama company plans to financially commit $575 million (£450 million) toward its manufacturing plant in Speke, Liverpool for not only the R&D, but production of its vaccines; this site is meant to be a second source of supply for its child vaccination program. The new plant will have its power supplied from renewable energy sources, in an effort to be operationally net zero.
Speaking of vaccines, AstraZeneca’s Speke site will also be partnering with the UK Health Security Agency (UKHSA) in an effort to further develop vaccines. The collaboration will feature a combination of the technology from the Speke site and the UKHSA’s Vaccine Development Evaluation Center (VDEC) found at it Porton Down location.
The remaining $256 million (£200) million from the investment will go toward a new facility in Cambridge, which the company describes as “Europe’s largest life sciences cluster.” It will be located next to it global R&D Discovery Center (DISC), and will be home to 1,000 employees.
“AstraZeneca’s planned investment would enhance the UK’s pandemic preparedness and demonstrates our ongoing confidence in UK life sciences,” said Sir Pascal Soriot, AstraZeneca’s CEO. “We will continue to support the UK in driving innovation and patient access, building on the strong foundations which have been put in place.”
These latest announcements confirm AstraZeneca’s clear intentions to have a UK footprint, while also helping to stimulate the economy and provide jobs. After announcing a $486 million (£380 million) investment in 2021, it plans to unveil a new manufacturing facility for one of its cancer medications in Macclesfield later this year.
Reference
AstraZeneca plans £650 million investment in UK. Gov.UK. News release. March 6, 2024. Accessed March 7, 2024. https://www.gov.uk/government/news/astrazeneca-plans-650-million-investment-in-uk
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