AstraZeneca (AZ) has announced a $3.5bn investment in the US aimed at expanding its research and manufacturing footprint by 2026.
The funds will go towards a research and development (R&D) centre in Kendall Square, Cambridge, Massachusetts, as well as a biologics manufacturing facility in Maryland.
AZ’s cell therapy manufacturing capacity on the West and East Coasts and specialty manufacturing in Texas will also be expanded, the company said, adding that $2bn of the investment will be dedicated to creating more than 1,000 highly-skilled.
Pascal Soriot, AZ’s chief executive officer, said: “Our multibillion dollar investment reflects the attractiveness of the business environment together with the quality of talent and innovation capabilities here in the US.
“By expanding our R&D and manufacturing footprint, we aim to enhance the development of cutting-edge therapies and support the US leadership in healthcare innovation.”
The investment is part of AZ’s ambition to achieve $80bn in total revenue by 2030, a significant increase from the $45.8bn reported in 2023.
The target set out at the drugmaker’s investor day earlier this year is expected to be achieved through significant growth in its existing oncology, biopharmaceuticals and rare disease portfolio.
It will also be attributed to the launch of an expected 20 new medicines by 2030, many of which have the potential to generate more than $5bn in peak-year revenues, according to Soriot.
Soriot said at the time: “In 2023, we delivered the ambitious $45bn revenue goal set a decade ago. With the exciting growth of our innovative pipeline, which has the potential to transform millions of lives, we are now aiming for $80bn by 2030.”
AZ has made a number of significant global investments this year. In May, it unveiled plans to build a $1.5bn antibody drug conjugate (ADC) manufacturing facility in Singapore. The facility will be the company’s first end-to-end ADC production site and is expected to be operational by 2029.
The company also said in March that it would be investing £650m to boost the UK life sciences sector, £450m of which will be earmarked for the company’s manufacturing site in Liverpool. The remaining £200m will go towards expanding the company’s presence in Cambridge.
