AstraZeneca plans new Alexion HQ, R&D site in Cambridge, Massachusetts
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AstraZeneca (NASDAQ:AZN) said it plans to open a new site in Cambridge, Massachusetts that will be a strategic R&D center for the company and also serve as Alexionâs new corporate headquarters.
The announcement comes on the heels of the company's Q1 earnings. However, AZN shares are trading lower premarket despite Q1 revenue rising on the back of its oncology business and better than expected COVID-19 vaccine sales, which is expected to decline as the year goes on.
The British pharma giant had completed the acquisition of rare disease drugmaker Alexion in July 2021 in a cash and stock deal worth $39B.
AstraZeneca (AZN) said, which is scheduled for completion in 2026, will bring together ~1.5K R&D, commercial and corporate colleagues into a single purpose-built space in Kendall Square, Cambridge.
The company added that the move reinforces its commitment to the greater Boston area, with over 570K square feet of R&D and commercial space, and space for expansion in the future.
AstraZeneca (AZN) noted that it is working with Boston Properties (BXP) on development of the new site.
âKendall Square, Cambridge, is at the heart of the life sciences and innovation hub of the greater Boston area, and our new site will put us right at the centre of this space," said AstraZeneca (AZN) CEO Pascal Soriot.
AZN -2.01% to $65.87 premarket April 29