ASTRAZENECA is closing in on a site for its new $500m (£327.7m) home in Cambridge, with a biomedical park just south of the English city the most likely site, say property industry sources.
Moving research and global headquarters to Cambridge, with minimal disruption, is a key test for new chief executive Pascal Soriot as he tries to change the drugmaker’s culture and puts ground-breaking science at the centre of its activities.
The move to the university city, involving nearly 2,000 jobs, is the centrepiece of a $2.3bn restructuring plan unveiled by Soriot in March, which also includes a 10 per cent cut in overall staff numbers by 2016.
An AstraZeneca spokeswoman said yesterday that the drugmaker was still considering its options, adding an update on the final location was likely in the next couple of months.
Two property industry insiders familiar with the deal said the Cambridge Biomedical Campus (CBC) was the frontrunner. The other option is Granta Park, another research park outside Cambridge where AstraZeneca’s MedImmune unit is already located.
Situated two miles from central Cambridge, the CBC area is an extension of a site occupied by the world-famous Addenbrooke’s Hospital.
City A.M. Reporter