Mon, 03 Feb 2025

AstraZeneca offered 'significant' sum, says minister

The firm scrapped its £450m investment despite the government's offer of support, the government says.
AstraZeneca has cancelled its planned £450m investment in a vaccine manufacturing plant in Speke, Merseyside, citing a shortfall in government funding. The company had been set to expand its site and invest in research and development (R&D), but decided to lower the amount it was investing in R&D from £150m to £90m. The government had made AstraZeneca an offer that was "remarkably close" to the previous chancellor's proposal, but it was not enough to seal the deal. Science minister Sir Chris Bryant defended the government's negotiations with AstraZeneca, saying they had made a "significant offer" of support but doing more would have cost too much for taxpayers. The company will maintain existing production and jobs at the site, but has pulled out of its planned investment.
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