AstraZeneca invests A$200 million in Sydney & plants first of 25 million trees
14 Feb 2020
British-Swedish multinational pharma AstraZeneca will expand its drugs-making operations in Australia, with a A$200 million investment in an existing Sydney facility.
Announced on 7 February, the investment will expand manufacturing of respiratory medicines at North Ryde. This include therapies for asthma and chronic obstructive pulmonary disease.
The expanded Sydney facility will create 250 jobs. It will also help increase the value of AstraZeneca’s Australian exports to approximately A$4.4 billion over the next four years.
According to global Chief Executive Officer, Pascal Soriot, the investment will build on increased demand for pharmaceuticals in China.
‘This is reflecting [the] rapid growth of our respiratory products ... in China, and other markets as well,’ he told the Australian Financial Review (AFR).
AstraZeneca is now Australia’s largest manufacturer and exporter of pharmaceuticals, and the investment bucks a recent trend for pharmaceuticals divestment in Australia, according to AFR.
The announcement included a tree-planting ceremony in Sydney with UK Foreign Secretary, Dominic Raab and Australia’s Federal Minister for the Environment, Hon Sussan Ley.
AstraZeneca aims to plant 25 million trees in Australia, as part of the company’s commitment to plant 50 million trees worldwide over the next five years. The company aims to become carbon negative within a decade.
Austrade is pleased to support AstraZeneca’s growth in Australia and is working on a number of strategic initiatives with the company that will have a positive impact on the Australian life sciences ecosystem.
AstraZeneca is a global bio-pharmaceutical company that focusses on the discovery, development and commercialisation of prescription medicines. It specialises in oncology therapies, and medicines that treat cardiovascular, metabolic and respiratory diseases.