AstraZeneca ups investment at new Virginia facility to $4.5 billion
AstraZeneca PLC on Thursday said it will increase investment at its new Virginia manufacturing facility by $500 million, bringing its total pledge to $4.5 billion.
The Cambridge, England-based pharmaceutical company said the expansion will enable manufacturing for its antibody drug conjugate cancer portfolio.
Initially, AstraZeneca said the site near Charlottesville would produce drugs in the weight management and metabolic portfolio, including oral GLP-1, baxdrostat, oral PCSK9 and combination small molecule products.
The investment is part of the $50 billion package announced in July.
Chief Executive Officer Pascal Soriot commented: ‘With our $4.5 billion investment in Virginia, the largest in AstraZeneca’s history, we are not only building a state-of-the-art manufacturing facility, but also driving life sciences innovation and economic growth.’
The new site is expected to be operational in the next four to five years.
AstraZeneca shares closed up 0.7% at 12,898.00 pence in London on Thursday.
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