AstraZeneca is to expand its research and manufacturing footprint in the US with a total of $3.5 billion in capital investment. This includes $2 billion of new investment which the company said will lead to the creation of more than 1,000 skilled jobs.
The funding will see the development of an R&D centre at its site in Cambridge, Massachusetts, a manufacturing facility for biologics in Maryland, speciality manufacturing in Texas, and cell therapy manufacturing in the East and West Coasts.
The news came as the company released its third quarter results showing total revenue up 21% in the first nine months of 2024. The company said the US investments are the first of a series of important steps to help its ambition of reaching $80 billion in total revenue by 2030. “A key element of our strategy is accelerating the company’s development in the United States. The US is AstraZeneca’s largest market generating 44% of total revenue,” the company said in a statement. The year also saw the company announce results for multiple positive high-value trials which it says it is now working on to bring to patients as quickly as possible.
AstraZeneca CEO Pascal Soriot added: “Our multibillion-dollar investment reflects the attractiveness of the business environment together with the quality of talent and innovation capabilities here in the United States. 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 health care provision.”
AstraZeneca’s is also supporting growth in Asia having announced earlier this year that it is investing $1.5 billion to build a facility in Singapore producing antibody drug conjugates (ADC). The greenfield plant is set to become operational during 2029, making it the company’s first ‘end-to-end’ ADC production site incorporating all steps of the manufacturing process at commercial scale.
Further reading:
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AstraZeneca to invest $1.5 billion in Singapore net zero antibody facility
- AstraZeneca CEO says UK has ‘great science’ but warns on investment
- AstraZeneca CEO Sir Pascal Soriot awarded President's Medal at Palace of Westminster
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