AstraZeneca has invested USD $3.5bn into the expansion of its pharmaceutical manufacturing and research footprint in the US.
This includes $2bn of new investment, which will both contribute to the pharmaceutical giant's continued growth and the US economy.
Through the US expansion, AstraZeneca will create more than a thousand high-skilled jobs.
According to the company, the growth initiative should be complete by the end of 2026.
AZ's plans for wide-spanning growth
With this notable investment, AstraZeneca will be expanding its pharmaceutical manufacturing and research capabilities across the US, with projects ranging from an R&D centre in Massachusetts to a next-generation biologics manufacturing facility in Maryland.
The company will also expand its specialty manufacturing capacity in Texas, while focusing on extending its cell therapy manufacturing capacity on both the East and West Coasts.
Investing in the US
AstraZeneca's has decided to invest into its US manufacturing capacity as the company aims to achieve $80bn total revenue by 2030.
The US is currently AstraZeneca's largest market, with 44% of its total revenue stemming from the region.
Currently, the pharmaceutical company has approximately 17,800 employees working across 17 sites specialising in R&D, manufacturing and commercial sites.
CEO of AstraZeneca, Pascal Soriot, said: “Our multibillion dollar investment reflects the attractiveness of the business environment together with the quality of talent and innovation capabilities here in the United States."
"By expanding our R&D and manufacturing footprint, we aim to enhance the development of cutting-edge therapies and support the United States leadership in healthcare innovation.”