AstraZeneca will spend £650m to build a new factory for vaccines in Liverpool, and upgrade research labs at Cambridge. This comes almost a full year after the chief executive of AstraZeneca said that Rishi Sunak’s policies discouraged investment within the UK.
The pharmaceutical giant announced it would spend £450m in Speke, Liverpool on the production of vaccines, and will build a new, green factory powered by renewable energies.
It will invest another £200m in expanding its presence in its life sciences cluster, Cambridge. A new facility is planned to be built next to the existing research laboratories.
AstraZeneca has been in discussions with government ministers about a possible funding of more than 100 million pounds sterling.
This comes after Pascal Soriot’s, AstraZeneca chief executive, claimed last year that his company had ignored Britain in a $400m (£314m), new drug factory plan because of “discouragement” taxes.
He said AstraZeneca wanted to build a state-of-the art plant near their existing manufacturing sites in Speke, Liverpool but chose Ireland instead.
In February of last year, he said: “We have really invested a great deal [in the UK]… and the country is making significant progress in developing a life science sector.” In recent years, however, the support has not been what we had hoped.
The boss of GSK, a rival company, warned that Britain is “at a turning point” in its ambitions to be a superpower in life sciences amid concerns about soaring costs.
Mr Soriot has recently stated that Britain is on the right track in terms of becoming a more attractive place to do business. AstraZeneca, one of Britain’s largest companies, played a key role in developing Covid vaccines During the pandemic.
On Wednesday, Mr Soriot stated: “AstraZeneca’s planned investment will enhance the UK’s pandemic readiness and demonstrate our continued confidence in UK Life Sciences.”
We will continue to support UK in driving innovation, patient access and building on the solid foundations that have already been laid.
Jeremy Hunt, the Chancellor said: “We will stick to our plan of making the UK one the best places to invest in developing new, innovative drugs – protecting public health while growing our economy.
“AstraZeneca’s investment plans are an affirmation of UK’s attractiveness as a superpower in life sciences and will strengthen our ability to respond to future health emergencies.”