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AstraZeneca to invest $360 million in Irish drug manufacturing site

Stock MarketsSep 21, 2021 02:51AM ET
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© Reuters. The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels as part of the coronavirus disease (COVID-19) vaccination campaign, Belgium, January 28, 2021. REUTERS/Johanna Geron

(Reuters) -AstraZeneca said on Tuesday it would invest $360 million to develop a manufacturing facility in Ireland to produce active pharmaceutical ingredients (APIs), or the main components of medicines.

The Anglo-Swedish drugmaker, which completed its $39 billion purchase of rare disease drugs maker Alexion (NASDAQ:ALXN) in July, has a large portfolio of treatments for cancer, heart disease, diabetes and a COVID-19 vaccine, with several drugs under trials.

"The future manufacturing of APIs for our medicines includes compounds with highly complex synthesis ... This significant investment will ensure the AstraZeneca (NASDAQ:AZN) supply network is fit for the future," said Pam Cheng, head of AstraZeneca's operations and IT.

The planned investment in Dublin is expected to support late-stage development and early commercial supply, the company said, adding that the site can be developed further to add treatments such as antibody drug conjugates and oligonucleotides.

AstraZeneca to invest $360 million in Irish drug manufacturing site
 

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