AstraZeneca to invest $50 billion in United States facilities
July 22 (UPI) -- The biopharmaceutical company AstraZeneca announced it will $50 billion into the United States, with plans to open several manufacturing facilities in several states.
AstraZeneca said in a press release Monday that it will invest by both manufacturing some of its medicines and conducting research and development stateside, and will reach that $50 billion mark by 2030.
This move is intended to create thousands of new American jobs, with the main effort to expand being a multi-billion-dollar manufacturing facility to be built in Virginia. A number of its weight management drugs are to be produced there, and it will create its products via a combination of data analysis, AI and automation.
Virginia Gov. Glenn Youngkin thanked AstraZeneca in the release, "for choosing Virginia as the cornerstone for this transformational investment in the United States."
"This project will set the standard for the latest technological advancements in pharmaceutical manufacturing, creating hundreds of highly skilled jobs and helping further strengthen the nation's domestic supply chain," said Youngkin. "Advanced manufacturing is at the heart of Virginia's dynamic economy, so I am thrilled that AstraZeneca, one of the world's leading pharmaceutical companies, plans to make their largest global manufacturing investment here in the Commonwealth."
Other highlights of the $50 billion investment include research and development facilities constructed in Maryland, Massachusetts, Texas, Indiana and California.
According to the release, the financial goal of AstraZeneca is to reach a total revenue of $80 billion by 2030, half of which is expected to be generated in the United States.
U.S. Secretary of Commerce said in the release that the Trump administration is "proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores."
"This historic investment is bringing tens of thousands of jobs to the [United States] and will ensure medicine sold in our country is produced right here," he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
20 minutes ago
- UPI
Trump sets 15% tariff on Japanese imports as part of investment agreement
1 of 3 | President Donald Trump speaks to reporters Tuesday following a White House meeting with Philippine President Ferdinand Marcos Jr. Trump earlier announced trade deals with Japan and the Philippines that will prevent steep tariffs from taking hold. Photo by Yuri Gripas/UPI | License Photo July 22 (UPI) -- President Donald Trump announced Tuesday that his administration has reached a trade deal with Japan that will impose a 15% tariff rate on the large U.S.-trading partner, instead of the higher levy Trump threatened earlier. The announcement came in a Truth Social post a week before an Aug. 1 deadline imposed by Trump on 14 countries to reach trade agreements with the United States in order to avoid tariffs of at least 25% on most imported goods. Suggesting it was "the largest Deal ever made," Trump claimed that Japan will invest $550 billion in the United States under the president's direction that will create hundreds of thousands of jobs. Additionally, Trump said Japan agreed to "open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things." "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," Trump said. The Japanese Ministry of Foreign Affairs had not issued a statement on the deal as of Tuesday evening. While Japan avoided the higher tariffs with the deal, the new 15% levy is a steep increase from its previous single-digit rates on imports to the United States. The prospects of 25% tariffs on imports to the United States rankled Japanese officials, and U.S. Commerce Secretary Howard Lutnick previously warned that the Aug. 1 deadline was firm. Trump announced earlier on Tuesday that the Philippines had reached a deal for 19% tariffs after a White House meeting with President Ferdinand Marcos Jr. A week earlier, Trump announced a similar deal with Indonesia.
Boston Globe
an hour ago
- Boston Globe
As the dollar slides, the Euro is picking up speed
'We are witnessing a profound shift in the global order: Open markets and multilateral rules are fracturing, and even the dominant role of the U.S. dollar, the cornerstone of the system, is no longer certain,' she wrote last month. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The dollar's role as the world's reserve currency gives the United States an 'exorbitant privilege' — a term coined begrudgingly by a French politician in the 1960s. Because investors, governments and central banks around the world seek the safe, predictable returns of dollar-denominated assets such as Treasury bonds, there is a robust, built-in demand for dollars. That makes it easier for the U.S. government to borrow and boosts the spending power of American consumers. Advertisement The eurozone, which is made up of the 20 countries that use the euro and rivals the United States in terms of size and wealth, has never attracted investors in the same way. The euro ranks a distant second to the dollar in global use. Advertisement The euro's recent rise is a major reversal from just three years ago, when it dropped to parity with the dollar because investors feared the damage of surging inflation and Russia's invasion of Ukraine. And it is a world away from the eurozone debt crisis last decade, when at times the currency union seemed at risk of crumbling. As welcome as the euro's recovery from those episodes has been — the euro is trading near a record high against the currencies of dozens of major trading partners — it is also possible to have too much of a good thing. As money flows into the euro and euro-denominated assets such as German government bonds, economists and executives warn that the currency's strength could hurt exporters. They are already contending with Trump's tariffs, which make their goods more expensive for buyers abroad, as well as increased competition from Chinese rivals in key markets. 'Further euro strength is likely to be self-defeating,' said Valentin Marinov, a currency strategist at Crédit Agricole, a French bank. Exports were already likely to weaken and become a drag on the eurozone economy because of U.S. tariffs and European government policies that would encourage more imports. After a surge in energy prices led to years of fighting to bring inflation down, the European Central Bank, which sets interest rates for the eurozone, now faces the prospect that inflation could be too low. The bank forecasts inflation to average 1.6% next year, notably below its 2% target. That's partly because of the impact of a strong euro, which makes imports cheaper. Advertisement Some policymakers have said there is a risk that sluggish inflation will become entrenched, which is a familiar problem for the region. For nearly a decade until 2021, the central bank kept its key interest rates below zero in hopes of spurring faster economic growth and encouraging prices to rise steadily. That, policymakers hoped, would feed through to higher wage growth and better living standards. ECB officials are expected to keep interest rates steady when they meet this week, but analysts are adding to bets they could cut rates again later this year, if the economic outlook darkens or the euro's strength pushes inflation forecasts even lower. Reducing interest rates tends to weaken a currency, but the euro's recent strength has come, notably, as the ECB cut rates eight times in a year. Luis de Guindos, the vice president of the central bank, said that if the euro climbed above $1.20, that 'would be much more complicated.' Some big European companies have warned about the effect of the strong currency on their earnings, especially in export-heavy Germany. SAP, a software firm that recently became Europe's most valuable public company, said every 1-cent increase in the euro-dollar exchange rate results in a 30 million euro decline in revenues, without currency hedges. Adidas, the sportswear brand, said a strong euro had 'negative translation effects' on its overseas sales. Daimler, a truck maker, said fluctuations in the euro-dollar rate 'could significantly impact' its financial performance. Where the euro goes next is hard to predict. Analysts surveyed by Bloomberg expect the euro to continue strengthening, to $1.21 next year. But Marinov said he believed that traders had gotten ahead of themselves: He expects the euro to fall back toward $1.10 next year. Advertisement The currency's rally this year does not necessarily mean there will be a lasting shift toward the euro, in which it accounts for a larger share of central banks' reserves or is used in more cross-border payments. Lagarde said seizing the moment for a 'global euro' would take a concerted effort to bolster the bloc's fragmented economy, streamline its governance and deepen its capital markets, among other things. 'A step towards greater international prominence for our currency will not happen by default: It must be earned,' she said. This article originally appeared in .
Politico
an hour ago
- Politico
Schumer, Jeffries hone funding message in shutdown-cliff countdown
Democratic leaders from both sides of the Capitol met Tuesday night to define their government funding demands — avoiding explicit ultimatums to their Republican counterparts with 10 weeks left before federal cash lapses. Emerging from their closed-door meeting, party leaders took pains to show unity in their ranks after Senate Democrats caved in March to a government funding patch Republicans negotiated without any input from the minority party. 'House and Senate Democrats are in complete and total alignment,' House Minority Leader Hakeem Jeffries told reporters after the meeting with Senate Minority Leader Chuck Schumer. The two leaders privately huddled before bringing in a larger group of Democratic leaders. Democrats are ready to join bipartisan funding negotiations with their Republican counterparts in good faith, the Democratic leaders said, as the Senate moves forward this week with debate on a funding bill with buy-in from both sides of the aisle. But they knocked House Republicans for forging ahead with partisan funding bills that would cut the budgets of most federal agencies. 'House Republicans are in fact marching us toward a possible government shutdown that will hurt the American people,' Jeffries said. The leaders warned that funding negotiations could be complicated by Republicans' embrace of clawbacks packages like the $9 billion rescissions bill Congress cleared last week and President Donald Trump's moves to withhold funding Congress already approved. While Democrats 'want to pursue a bipartisan, bicameral appropriations process,' Schumer said, 'the Republicans are making it extremely difficult to do that.' Democratic leaders have privately discussed the need to focus on how government funding affects 'people,' rather than how Republicans are undermining the government funding 'process,' according to two people granted anonymity to discuss the private talks. 'We are all united in making sure that we're doing the right thing for the people we represent,' Washington Sen. Patty Murray, the Senate's top Democratic appropriator, said after the Tuesday meeting. 'They're worried about their housing, their health care, whether or not they can put food on the table. And our process here is to make sure that we are doing the right thing and funding the programs that they count on to be able to support their families.' Connecticut Rep. Rosa DeLauro, the House's top Democratic appropriator, said this is the worst appropriations process she has seen in her more than 34 years in Congress. 'It has not been what we have experienced,' DeLauro said. 'There's always been that give and take to pass the bills.'
