AstraZeneca Halts Major Investment in Cambridge Amid Economic Uncertainty
AstraZeneca has paused plans for a £200 million investment at its Cambridge research site, which would have created 1,000 jobs. This follows its canceled £450 million investment in northern England due to reduced UK government support. Merck also abandoned plans for a London research center.
AstraZeneca, Britain's largest company by market capitalization, has announced a pause on its planned £200 million investment in a Cambridge research facility, citing ongoing reassessments of investment needs, a spokesperson confirmed.
The halted investment, initially intended to create 1,000 jobs, follows AstraZeneca's earlier decision to cancel a £450 million investment in a vaccine manufacturing plant in northern England. The company attributed the decision to a reduction in support from the UK government.
This move comes on the heels of Merck & Co's recent announcement to abandon its planned research center in London, further spotlighting the UK's challenging business environment for the pharmaceutical industry.
(With inputs from agencies.)
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