On Monday, AstraZeneca (LON: AZN) announced plans to construct a $1.5 billion manufacturing facility in Singapore. The facility will be dedicated to producing antibody drug conjugates (ADCs).
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The move will help to significantly boost the supply of these advanced cancer treatments.
The company said that the facility, set to be operational by 2029, will be AstraZeneca's first commercial-scale coverage of the entire ADC manufacturing process.
ADCs represent a new generation of cancer therapies, delivering highly potent agents directly to cancer cells through targeted antibodies.
The Singapore facility, supported by the Singapore Economic Development Board (EDB), will incorporate all steps of ADC production, including antibody production, synthesis of the chemotherapy drug and linker, drug-linker conjugation to the antibody, and filling the completed ADC substance.
Png Cheong Boon, Chairman of EDB, welcomed AstraZeneca's decision, highlighting it as a testament to Singapore's biopharmaceutical manufacturing capabilities and talent.
He noted that the investment would strengthen Singapore's ecosystem for precision medicines, creating meaningful jobs and economic opportunities.
Meanwhile, Pascal Soriot, Chief Executive Officer of AstraZeneca, highlighted the company's commitment to cancer treatment innovation, noting Singapore's excellence in complex manufacturing as a key factor in the decision. AstraZeneca's portfolio includes six wholly owned ADCs in clinical development, with more in preclinical stages.
“Singapore is one of the world's most attractive countries for investment given its reputation for excellence in complex manufacturing, and I am excited for AstraZeneca to locate our $1.5 billion ADC manufacturing facility in the country,” stated Soriot.
The facility's design and construction are expected to begin by the end of 2024, with the aim of operational readiness by 2029.
In late April, AstraZeneca reported its latest quarterly earnings, topping consensus expectations. It reported a first-quarter profit per share of $2.06, beating the consensus analyst estimate of $1.22, with revenue for the quarter coming in at $12.68 billion, above the $11.83 billion consensus estimate.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.