AstraZeneca is investing $2.5bn in research and development and manufacturing in Beijing, as the drugmaker tries to move on after a scandal that led to the detention of a top executive in China.
The Anglo-Swedish pharmaceutical company has agreed a five-year strategic partnership with the Beijing municipal government and the city’s economic and technological development office, including deals with three biotechs.
Pascal Soriot, AstraZeneca’s chief executive, said the investment reflected its belief in “the world-class life sciences ecosystem in Beijing” and “our continued commitment to China”. He has been appointed to the Beijing International Business Leaders Advisory Council as part of the partnership.
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