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AstraZeneca to invest $50bn in US manufacturing and R&D
(Sharecast News) - Drugmaker AstraZeneca said on Tuesday that it plans to invest $50.0bn in the US for medicines manufacturing and R&D by 2030. AstraZeneca said its investment will support its ambition to reach $80.0bn in revenues by 2030, with 50% generated in the US, and was expected to create tens of thousands of new, highly skilled direct and indirect jobs across the country.
The FTSE 250-listed firm said the cornerstone of its "landmark investment" was a new multi-billion dollar US manufacturing facility that will produce drug substances for its innovative weight management and metabolic portfolio.
AstraZeneca said the drug substance facility, planned to be in Virginia, would be its largest single manufacturing investment in the world and will leverage AI, automation, and data analytics to optimise production.
Chief executive Pascal Soriot said: "Today's announcement underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally.
"I look forward to partnering with Governor Youngkin and his team to work on our largest single manufacturing investment ever. It reflects the Commonwealth of Virginia's desire to create highly skilled jobs in science and technology, and will strengthen the country's domestic supply chain for medicines."
Reporting by Iain Gilbert at Sharecast.com
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