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Investing.com -- AstraZeneca (NASDAQ:AZN) announced today a $2.5 billion investment in Beijing to establish its sixth global strategic research and development (R&D) center. The move is part of a broader strategic partnership with the Beijing Municipal Government and the Beijing Economic-Technological Development Area Administrative Office. The investment, which will be spread over the next five years, also includes agreements with three biotech firms: Harbour BioMed, Syneron Bio, and BioKangtai.
The announcement follows a recent declaration by AstraZeneca regarding a partnership with Fibrogen. The pharmaceutical giant anticipates that its Beijing workforce will increase to 1,700 employees as a result of the investment.
Pascal Soriot, Chief Executive Officer of AstraZeneca, stated: “This $2.5 billion investment reflects our belief in the world-class life sciences ecosystem in Beijing, the extensive opportunities that exist for collaboration and access to talent, and our continued commitment to China. Our sixth strategic R&D center will partner with the cutting-edge biology and AI science in Beijing and be a critical part of our global efforts to bring innovative medicines to patients worldwide.”
The new global strategic R&D center in Beijing will be AstraZeneca’s second in China, following the opening of the Shanghai R&D center. The Beijing center will focus on early-stage research and clinical development, supported by a new state-of-the-art AI and data science laboratory. The facility will be located near leading biotechs, research hospitals, and the National Medical (TASE:BLWV) Products Administration in the Beijing International Pharmaceutical (TADAWUL:2070) Innovation Park (BioPark).
AstraZeneca is also establishing new R&D collaborations in Beijing, including a strategic partnership with the Beijing Cancer Hospital in translational research, data science, and clinical development. The company is signing two collaboration and licensing agreements; one with Harbour BioMed for the discovery of multi-specific antibodies, and another with Syneron Bio for the development of macro-cyclic peptides.
Moreover, AstraZeneca is launching a new joint venture with BioKangtai to develop, manufacture, and commercialize innovative vaccines for respiratory and other infectious diseases for patients in China and worldwide. This will be AstraZeneca’s first and only vaccine manufacturing facility in China, which will be located in the Beijing BioPark.
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