The people of the North West region of the U.K. have good reason to be happy today: AstraZeneca (AZ) is investing £120 million (around $190 million) in a new facility at its global manufacturing site in Macclesfield, U.K., to continue production of its injectable prostate cancer treatment Zoladex.
The firm says that the investment secures 300 existing Zoladex jobs at the site and will also create over 200 temporary jobs during the construction and commissioning phase between now and early 2017. This comes as especially good news after AZ's announcement back in March that it would cut 650 U.S. employees as part of a global R&D restructuring that will shrink its global workforce by 1,600, mainly in the U.K. and U.S.
Building will begin in 2013 and is due to be completed by 2016. AZ says that products manufactured in the new facility will begin to be supplied to markets in 2017.
"Having considered a number of options globally, we believe it is the right choice to build the new facility in Macclesfield, which has been home to Zoladex manufacturing—and the expertise that goes along with it—for many years," David Smith, evp of operations at AZ said in a statement. "This investment is a further signal of our long term commitment to the U.K., and to the North West."
Zoladex, a luteinizing hormone-releasing hormone analog (LHRHa) therapy administered by a subcutaneous injection, has reportedly been manufactured at AZ’s Macclesfield plant for over 25 years and is currently their fifth-largest selling brand, with annual sales of around $1 billion. The treatment was first launched in 1987 and is available in over 100 countries.