UK-based biopharmaceutical company AstraZeneca has announced a $3.5bn investment to expand its research and manufacturing capabilities in the US.
As a part of this expansion drive, $2bn will be invested in creating more than 1,000 new jobs.
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The company will build a new research and development centre in Kendall Square, Cambridge, Massachusetts, a new biologics manufacturing facility in Maryland and expand specialty manufacturing in Texas. Additionally, it will also increase its cell therapy manufacturing capacity on the West and East Coasts.
Pascal Soriot, CEO of AstraZeneca, highlighted the US’s “attractive business environment” coupled with the “quality of talent and innovation capabilities” as important factors in making such a large investment there.
“By expanding our R&D and manufacturing footprint, we aim to enhance the development of cutting-edge therapies and support the United States leadership in healthcare innovation,” he added.
These investments are part of the company’s goal to achieve $80bn in total revenue by 2030. The US represents the largest market for the company, generating 44% of its revenue as per the Q3 financial results. In light of the expansion, the company might anticipate favourable amendments to the Biden-era Inflation Reduction Act, leading to decreased drug prices.
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By GlobalDataIn the US, AstraZeneca has approximately 17,800 employees working across 17 R&D, manufacturing and commercial sites spanning 12 states.
