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AstraZeneca (NASDAQ:AZN) plans to open a new facility in Cambridge, Massachusetts, which will be an R center
The announcement follows the company’s first-quarter results. However, AZN’s stock is trading lower before commercialization despite higher first-quarter revenue thanks to its oncology business and better-than-expected COVID-19 vaccine sales, which are expected to decline as the year progresses.
The British pharmaceutical giant had finalized the acquisition of rare disease drug maker Alexion in July 2021 as part of a fair, economic deal worth $39 billion.
AstraZeneca (AZN) said that, whose final touch is planned for 2026, it will collectively bring about 1,5000 R employees.
The company added that the move reinforces its commitment to the Greater Boston Area, with more than 570,000 feet of R space.
AstraZeneca (AZN) said it is running with Boston Properties (BXP) on the new site.
“Kendall Square, Cambridge, is located at the center of the Greater Boston Area’s Center for Life Sciences and Innovation, and our new location will place us at the center of that space,” said Pascal Soriot, CEO of AstraZeneca (AZN).
AZN -2. 01% to $65. 87 before April 29