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AstraZeneca is investing $2.5bn in research and development and manufacturing in Beijing, as the drugmaker tries to move on after a scandal that led to the detention of a top executive in China.
The Anglo-Swedish pharmaceutical company has agreed a five-year strategic partnership with the Chinese capital, which also includes deals with three biotechs.
Pascal Soriot, AstraZeneca’s chief executive, said the investment reflected its belief in “the world-class life sciences ecosystem in Beijing” and “our continued commitment to China”.
The announcement comes after AstraZeneca ditched a plan to build a £450mn manufacturing plant in the UK.
This is a developing story