London: AstraZeneca, the largest company in Britain, has paused its planned £200 million (USD 271.26 million) investment in its Cambridge research site, a spokesperson announced on Friday. This decision reflects a growing trend among drug makers reconsidering their business commitments in the UK.
According to Kuwait News Agency, AstraZeneca's spokesperson stated, "We constantly reassess the investment needs of our company and can confirm our expansion in Cambridge is paused. We have no further comment to make." This comes after the company cancelled plans in January to invest £450 million in a vaccine manufacturing plant in northern England, attributing the decision to a reduction in support from the British government.
The halt in investment follows speculations about AstraZeneca's future pharmaceutical investments, which intensified after US-based Merck and Co announced its decision to abandon plans for a new research center in London, citing the challenging business environment in the UK.
AstraZeneca, which boasts the largest market capitalization on the FTSE 100 index, had previously declared in July its intention to spend USD 50 billion to expand its US manufacturing and research capabilities by 2030. This move aligns with similar strategies by other drug makers in response to former President Trump's tariff policies.