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(Sharecast News) - AstraZeneca is to invest $15bn in China by the end of the decade, the UK drugs giant confirmed on Thursday, as part of the prime minister's visit to the country.
The Cambridge-based blue chip plans to develop its existing manufacturing facilities in Wuxi, Taizhou, Qingdao and Beijing, as well as investing further in research and development. Pascal Soriot, chief executive, called it a "landmark" investment.
He said: "Today's landmark investment of $15bn begins an exciting next chapter for AstraZeneca in China, which has become a critical contributor to scientific innovation, advanced manufacturing and global public health."
Keir Starmer added that AstraZeneca's "expansion and leadership in China will help the British manufacturer continue to grow, supporting thousands of UK jobs".
Representatives from around 60 business and cultural groups, including AstraZeneca, are accompanying Starmer on the trip to China, the first by a UK prime minister for eight years.
AstraZeneca has ramped up overseas spending in recent months. As well as the $15bn slated for China, it announced last July a $50bn investment to expand US and manufacturing and research capabilities, alongside plans to list directly on Wall Street. It also struck a deal with the White House to cut prices, amid threats of punitive tariffs.
However, it paused a 200m investment in its research site in Cambridge, and shelved plans to expand a vaccine manufacturing plant in Merseyside last January.
China is AstraZeneca's second-largest market after the US. It currently houses two of AstraZeneca's global R&D centres, which have led 20 clinical trials to date, alongside the four manufacturing plants.
AstraZeneca employs around 17,000 people in the country.
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