Benzinga | Sep 21, 2021 07:06AM EDT

AstraZeneca To Inject $360M In Irish API Manufacturing Site

* AstraZeneca plc (NASDAQ:AZN) will invest $360 million to develop a manufacturing facility in Ireland to produce active pharmaceutical ingredients (APIs).

* The planned investment at the Alexion Campus in College Park, Dublin, is expected to create about 100 highly skilled direct jobs.

* "The future manufacturing of APIs for our medicines includes compounds with highly complex synthesis ... This significant investment will ensure the AstraZeneca supply network is fit for the future," said Pam Cheng, head of AstraZeneca's operations and IT.

* The planned investment in Dublin is expected to support late-stage development and early commercial supply.

* AstraZeneca said that the site could be developed further to add treatments such as antibody-drug conjugates and oligonucleotides.

* Read Next: AstraZeneca's Enhertu Posts Substantial Clinical Benefit Over Roche's Kadcyla In Breast Cancer Trials.

* Price Action: AZN stock is up 0.68% at $58.90 during the premarket session on the last check Tuesday.