Britain’s biggest company AstraZeneca (AZN) has paused a planned $271.26M investment in its Cambridge research site, a spokesperson said, the latest drugmaker to retreat from Britain, Reuters’ Alistair Smout and Maggie Fick report. The decision on the investment, which had been set to create 1,000 jobs, means none of the AstraZeneca’s planned new funding – originally announced in March 2024 – is currently proceeding. U.S. drugmaker Merck (MRK) also said this week that it was abandoning a new research center in London, citing the U.K.’s challenging business environment, the authors add.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AZN:
- Trump officials to link COVID shots to child deaths, WaPo reports
- AstraZeneca’s OLIVIA Study: Advancing Ovarian Cancer Care in Brazil
- AstraZeneca announces EMA validation for Enhertu marketing authorization
- Advertising, drugmaker stocks in spotlight as Trump moves to regulate pharma ads
- Omnicom, WPP under pressure after Trump moves to regulate pharma ads