AstraZeneca said on Monday that it planned to establish a $1.5 billion manufacturing facility in Singapore for antibody drug conjugates (ADCs), which would bolster global supply of its ADC portfolio.
ADCs represent next-generation treatments, which deliver highly potent cancer-killing agents directly to cancer cells via a targeted antibody.
Supported by the Singapore Economic Development Board, the greenfield facility will be AstraZeneca’s first end-to-end ADC production site that will fully cover all stages of the manufacturing process.
The company intends to commence design and construction of the manufacturing facility by the end of this year, while the site is expected to be operationally ready by 2029.
“AstraZeneca has built an industry-leading portfolio of cancer medicines including antibody drug conjugates which have shown enormous potential to replace traditional chemotherapy for patients across many settings. 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,” Pascal Soriot, Chief Executive Officer of AstraZeneca, said in a press release.
Stock Performance
The shares of AstraZeneca PLC (AZN) were last gaining 1.14% (138.0 pence) to trade at 12,234.0 pence in London on Tuesday, as they snapped a six-day streak of losses.
The biopharmaceutical company’s total market cap now stands at GBP 188.788 billion.
The shares of AstraZeneca PLC (AZN) went down 5.51% in 2023 and have risen 15.41% so far this year.
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