Britain’s largest drug-maker AstraZeneca has halted the £200million investment into its Cambridge research site in a hit to Sir Keir Starmer’s economic plans.
The decision means none of the pharmaceutical giant’s promised £650million investment package into the UK will go ahead.
None of the pharmaceutical giant’s promised £650million investment package into the UK will go ahead
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The company cited a lack of government support as the reason after negotiations had taken place for months.
On Friday, a spokesman for AstraZeneca said: “We constantly reassess the investment needs of our company and can confirm our expansion in Cambridge is paused.”
The setback for the UK has appeared to cement the company’s move in other directions.
In July, a £50billion investment in the US by the end of 2030 was announced by the British drugmaker.
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AstraZeneca has halted its £200million investment into its Cambridge research centre
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It is understood this will fund a new drug manufacturing facility in Virginia, as well as expanding its laboratories and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana and Texas.
The announcement is the latest in a string of hits for the Prime Minister.
Sir Keir Starmer’s government has previously described the life sciences as “one of the crown jewels of the UK economy”.
The previous Conservative Government had promised to make the country a “global science and technology superpower” by 2030.
However, earlier this week, the US pharmaceutical firm Merck, known as MSD in Europe, scrapped its £1billion research centre in London.
It also laid off 125 scientists in the capital this year.
The planned site, set to be called the UK Discovery Centre, was already under construction and had been expected to employ around 800 people.