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AstraZeneca makes surprise U-turn with £300m pharma investment
TL;DR
AstraZeneca will invest £300m in the UK, reversing its previous decision to pause large-scale projects. The investment will focus on sites in Cambridge and Macclesfield, aiming to protect jobs and enhance drug development.
Key points
- AstraZeneca announces £300m investment in the UK
- Investment focuses on Cambridge and Macclesfield sites
- Move aims to protect jobs and enhance drug development
Mentioned in this story
AstraZenecaCambridgeMacclesfield
Britain’s biggest drugmaker AstraZeneca has said it will invest £300m in the UK in a surprise U-turn after pausing large-scale projects last year.
The drugmaker had pulled back projects in Britain after becoming disillusioned with the business environment, including the availability of new medicines on the NHS and drug pricing.
On Wednesday, it said it would invest in two existing sites at Cambridge and Macclesfield.
Keir Starmer announced the investment in the House of Commons, saying the move would protect jobs.
AstraZeneca will complete the construction of the Rosalind Franklin building on its Cambridge campus, where it has its headquarters. It will also build a “lab of the future” that will use digital and data tools to advance drug development at its Macclesfield site, Soriot said.
Last September, Astra paused a £200m investment in Cambridge, which had been expected to create 1,000 jobs. That decision had followed the scrapping in January of plans to invest £450m in its vaccine manufacturing facility in Speke, Merseyside, citing a cut in government support, after months of negotiations.
Starmer said: “Today I can announce a significant new investment, by AstraZeneca, investing £300m in UK life sciences, made possible by the pharmaceutical arrangement we have struck with the United States, to future-proof thousands of jobs in Macclesfield and in Cambridge.
“That is a major vote of confidence in the UK, and Labour’s plans to strengthen our economy.”
Pascal Soriot, the company’s chief executive, thanked the government “for their effort to improve access for patients, including four new [drug] approvals since the beginning of the year, and we look forward to further enhancing the access and the reimbursement environment and build a strong life sciences sector”.
The move came as AstraZeneca and GSK both reported strong sales of cancer drugs, despite GSK taking a hit in the US potentially linked to “scepticism” over vaccines from Donald Trump’s administration.
AstraZeneca has unveiled about £100m for a 'lab of the future' at its Macclesfield campus. Photograph: AstraZeneca
Q&A
Why did AstraZeneca decide to invest £300m in the UK?
AstraZeneca's investment comes as a surprise U-turn after previous disillusionment with the UK business environment, aiming to enhance drug development and protect jobs.
What projects will AstraZeneca fund with its £300m investment?
The investment will fund the completion of the Rosalind Franklin building in Cambridge and the construction of a 'lab of the future' in Macclesfield.
How will AstraZeneca's investment impact jobs in the UK?
Keir Starmer announced that the investment will help protect jobs at AstraZeneca's sites in Cambridge and Macclesfield.
