AstraZeneca Plans £650 Million Investment in UK

07.03.2024 - AstraZeneca, whose CEO Pascal Soriot has been critical of the UK business environment for the life sciences industry in the past, wants to invest a large sum at its homebase. On Mar. 6, Chancellor Jeremy Hunt announced that the pharma giant plans to invest £650 million in the UK.

The company intends to invest £450 million at its manufacturing site in Liverpool for the research, development, and manufacture of vaccines.

AstraZeneca will also expand its presence in Cambridge with a £200 million investment. The new facility will house around 1,000 employees and will be adjacent to the company’s £1.1 billion global R&D Discovery Centre (DISC).

The company also wants to open a new manufacturing facility for one of its cancer medicines in Macclesfield later this year, following the announcement of a £380 million investment in 2021.

Chancellor Jeremy Hunt said: “To drive investment we’ve delivered one of the most competitive business tax regimes of any major economy, as part of our plan to help our key industries to grow. Our £108 billion Life Sciences sector provides over 300,000 high skilled jobs across the UK and is crucial for the country’s health, wealth and resilience.” Hunt added: “AstraZeneca’s investment plans are a vote of confidence in the attractiveness of UK as a Life Sciences superpower and strengthen our resilience for future health emergencies.”

AstraZeneca CEO, Pascal Soriot, commented: “AstraZeneca’s planned investment would enhance the UK’s pandemic preparedness and demonstrates our ongoing confidence in UK life sciences. We will continue to support the UK in driving innovation and patient access, building on the strong foundations which have been put in place.”