AstraZeneca names Cambridge site for new global headquarters

 
City A.M. Reporter
ASTRAZENECA has chosen a science park in Cambridge, next to Addenbrooke’s Hospital, as its new $500m global headquarters and centre of drug research.

Property sources said last month that the Cambridge Biomedical Campus was the most likely site for the new centre, which will house some 2,000 employees – a decision confirmed by AstraZeneca chief executive Pascal Soriot yesterday.

Transplanting the heart of the company to the university city is the centerpiece of a $2.3bn (£1.5bn) restructuring plan unveiled by Soriot in March, which also includes a 10 per cent cut in overall staff numbers by 2016. Soriot is trying to turn around the group’s fortunes after a series of drug development disappointments by investing more in research and bolt-on acquisitions, while reining in costs.

"Moving to the Cambridge Biomedical Campus means our people will be able to rub shoulders with some of the world’s best scientists and clinicians carrying out some of the world’s leading research – that’s a really exciting prospect," Soriot said.