AstraZeneca pauses $270 million investment in Britain
The office building of international biopharmaceutical company AstraZeneca.
Cfoto | Future Publishing | Getty Images
Britain’s biggest company AstraZeneca has paused a planned 200 million pound ($271.26 million) investment in its Cambridge research site, a spokesperson said, the latest drugmaker to retreat from Britain.
The decision on the investment, which had been set to create 1,000 jobs, means none of the AstraZeneca’s planned new funding – originally announced in March 2024 – is currently proceeding.
In January, the company scrapped plans to invest 450 million pounds in its vaccine manufacturing plant in northern England, citing a cut in British government support.
U.S. drugmaker Merck & Co also said this week that it was abandoning a new research centre in London, citing the UK’s challenging business environment.
Asked about speculation over its pharmaceutical investments following the Merck announcement, a spokesperson for AstraZeneca, which has the biggest market capitalisation on the FTSE 100, confirmed is would pause its investment plans in Cambridge, where it has one of Britain’s leading life sciences hubs.
“We constantly reassess the investment needs of our company and can confirm our expansion in Cambridge is paused. We have no further comment to make,” an AstraZeneca spokesperson said.
Read More: AstraZeneca pauses $270 million investment in Britain