AstraZeneca plans to invest $405 million in Britain, PM Starmer says
AstraZeneca's Major Investment Announcement in the UK
Prime Minister's Statement on AstraZeneca Investment
LONDON, April 29 (Reuters) - Prime Minister Keir Starmer said on Wednesday that Britain's biggest company AstraZeneca would invest 300 million pounds ($405 million) in the country, after pausing large-scale projects last year.
"I can announce a significant new investment by AstraZeneca, investing 300 million pounds in UK life sciences, made possible by the pharmaceutical arrangement we have struck with the United States," Starmer told lawmakers in parliament.
Background: US-UK Pharmaceutical Deal
The investment comes after drugmakers, including AstraZeneca, have praised the U.S.-UK deal, which is aimed at increasing medicine prices in Britain, in line with the Trump administration's new U.S. pricing policies.
Industry Response and Concerns
Companies, including AstraZeneca, say Europe risks missing out on new medicines in the new policy environment, known as most-favored-nations.
AstraZeneca's Previous Projects and Business Environment
AstraZeneca had pulled back projects in Britain, citing the business environment, including a 200-million-pound investment plan in Cambridge where it has one of the country's leading life sciences hubs. It had earlier scrapped a proposed 450-million-pound in a vaccine manufacturing plant in northern England after a cut in government support.
Impact of the New Investment
Starmer said the latest investment would future proof 1,000 jobs in the northern English town of Macclesfield and in Cambridge.
Additional Information
($1 = 0.7405 pounds)
(Reporting by Sam Tobin and Sam Tabahriti; Editing by Muvija M)
