AstraZeneca (AZN.L, AZN.ST) raised its planned investment in one of its US manufacturing sites to $4.5 billion as part of a commitment to bring critical medicine production in the country.
The pharmaceutical giant proposed an additional $500 million investment at its new manufacturing plant in Virginia, US, to upgrade the site’s capacity to produce a broader range of drugs, according to a Thursday release.
With the extra funding, the new manufacturing plant will expand its scope, adding production of AstraZeneca’s antibody drug conjugate cancer portfolio alongside its weight management and metabolic therapies.
Work on the Rivanna Futures-based facility located in Albemarle County is expected to start immediately, with the site slated to be operational in four to five years. The plant is anticipated to generate 3,600 direct and indirect jobs in the US state.
“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. This new facility will create thousands of jobs and strengthen America’s national security and health sovereignty,” Chief Executive Officer Pascal Soriot said.
AstraZeneca also noted that the production facility is central to its $50 billion investment plan for its medicine research and development and manufacturing operations across the US. Announced in July, the investment is intended to support the pharmaceutical company’s goal to reach $80 billion in revenue by 2030, with 50% generated in the US.