AstraZeneca invests $2.5 billion in Beijing R&D hub

AstraZeneca has announced an investment of $2.5 billion in a new research and development hub located in Beijing. This move highlights the company's strong commitment to China, which is its second-largest market. The investment includes two licensing agreements with Chinese companies. Chief Executive Pascal Soriot revealed the plans during his visit to Beijing, where he met with the city's mayor. He emphasized the collaboration opportunities available in China and noted that the country has a skilled workforce in life sciences and artificial intelligence. The R&D center aims to utilize advanced scientific research in Beijing to help bring innovative medicines to patients globally. AstraZeneca has faced scrutiny in China, including investigations into its executives following controversies last year. China made up about 12% of AstraZeneca's revenues last year. The company is the UK's largest listed firm, with a market value of £183 billion ($236 billion) on the FTSE 100 index. Soriot has visited China frequently and continues to see value in operating there, despite challenges faced by other foreign companies. Soriot is also scheduled to attend a significant development conference in Beijing, where he may have the opportunity to meet President Xi Jinping.