AstraZeneca spending $2.5bn on new R&D centre, biotech deals in China
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Pharma giant AstraZeneca announced on Friday that it is investing $2.5bn in a new global R&D centre in China, along with major research and manufacturing agreements with three of the country's biotech firms.
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The new R&D centre, located in Beijing, will be AstraZeneca's second such facility in China and its sixth worldwide, and will see the company expand its Beijing workforce by 1,700. AstraZeneca also runs an R&D centre in Shanghai.
The deal, which includes agreements with three biotechs, Harbour BioMed, Syneron Bio, and BioKangtai, is part of a strategic partnership with the Beijing Municipal Government and the Beijing Economic-Technological Development Area Administrative Office.
This $2.5 billion investment reflects our belief in the world-class life sciences ecosystem in Beijing, the extensive opportunities that exist for collaboration and access to talent, and our continued commitment to China," said Pascal Soriot, AstraZeneca's chief executive.
"Our sixth strategic R&D centre will partner with the cutting-edge biology and AI science in Beijing and be a critical part of our global efforts to bring innovative medicines to patients worldwide."
Under the new biotech agreements, AstraZeneca has signed a collaboration and licensing deal with Harbour BioMed discover multi-specific antibodies, and another with Syneron Bio to develop macro-cyclic peptides.
It is also launching a new joint venture with BioKangtai to develop and commercialise vaccines for respiratory and other infectious diseases.
AZN shares were down 1.1% following the announcement at 11,676p by 1134 GMT.