AstraZeneca to expand in Massachusetts

AstraZeneca to expand in Massachusetts

	Published : Mon, 22 Jan 2007 23:27 By : Agencies Print this Story

WALTHAM, Mass. (AFX) - British drug maker AstraZeneca PLC on Monday announced a $100 million expansion of its facility here to boost research and development of drugs that treat cancer and infectious diseases.

The expansion will create up to 100 new scientific jobs on top of the 400 employees who now work at the site about 15 miles west of Boston.

'This investment will significantly boost our research capabilities in two critical areas of medical need, and two areas where we have tremendous heritage,' said David Brennan, AstraZeneca's chief executive officer. 'It will provide additional resources for our scientists who are tackling more complex diseases than ever before.'

Construction on the 132,000-square-foot expansion is expected to start within the next couple months and be completed by mid-2009. It will increase the Waltham facility to 382,000 square feet.

AstraZeneca, whose U.S. headquarters is in Wilmington, Del., first opened a Boston-area research facility in 1995 and is developing potential drugs to treat various types of cancer, serious skin infections, chronic bronchitis and serious pneumonia.

There is worldwide need for new anti-bacterial drugs, said Trevor Trust, AstraZeneca's vice president of infection research.

'There's been a dearth of new drugs over the last 30 years ... and drug resistance is on the increase globally,' he said. 'You need new drugs that get around the resistance mechanisms, ones the bacteria haven't seen.'

Brennan has said that strengthening the drug maker's pipeline was his 'No. 1 priority' after a number of notable failures. AstraZeneca pulled the plug on three high-profile drugs last year, including treatments for stroke and diabetes.

AstraZeneca announced earlier this month it was teaming up with Bristol-Myers Squibb Co. to develop and market two diabetes treatments. Under the deal, AstraZeneca will pay up to $1.25 billion to become a marketing and development partner in the drugs being developed by Bristol-Myers.

AstraZeneca also recently acquired licenses for three new trial drugs and bought privately held biotech company KuDOS Pharmaceuticals.

AstraZeneca's U.S.-traded stock on Monday fell 1.18 percent to close at $56.08 on the New York Stock Exchange.