Kuwait Investment Authority: Underweight US at Own Risk
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AstraZeneca pledges $50bn US investment ahead of drugs tariffs
British pharmaceuticals giant AstraZeneca has revealed it plans to invest $50 billion (£37 billion) in America over the next five years. The commitment came only a week ahead of expected confirmation from Donald Trump of swingeing tariffs of up to 200% on imported drugs The investment will be made in medicines manufacturing and R&D, and create tens of thousands of high skilled jobs, the Cambridge based company said. By 2030 half the company's expected $80 billion of revenues will be generated in the USA. The investments will include a new multi-billion dollar drug substance manufacturing centre focused on chronic diseases in Virginia. It will be the company's biggest commitment to a single facility anywhere in the world. It will produce drug substances for the company's weight management and metabolic portfolio, including oral GLP-1, baxdrostat, oral PCSK9 and combination small molecule products. The $50 billion investment also includes: Expansion of an R&D facility in Gaithersburg, Maryland; an R&D centre in Kendall Square, Cambridge, Massachusetts; manufacturing facilities for cell therapy in Rockville, Maryland and Tarzana, California; continuous manufacturing expansion in Mount Vernon, Indiana; and specialty manufacturing expansion in Coppell, Texas Howard Lutnick, US Secretary of Commerce, said: "For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness. 'We are 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 US and will ensure medicine sold in our country is produced right here." Governor Glenn Youngkin, Commonwealth of Virginia, said: "I want to thank AstraZeneca 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. '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." Pascal Soriot, CEO, AstraZeneca, said: "Today's announcement underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally." The US is AstraZeneca's largest market and home to 19 R&D, manufacturing and commercial sites. The company employs more than 18,000 people and support 92,000 jobs across the United States. The US represents 42% of total revenue. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
7 minutes ago
- Yahoo
Universal Music Group confidentially files for US stock market listing
Universal Music Group (UMG) has submitted a confidential application with the Securities and Exchange Commission (SEC) to sell its shares in the US. The firm will not receive any proceeds from the sale, UMG said in a statement on Tuesday. 'The number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined,' it added. The listing also remains subject to review by the SEC. The world's biggest music company, which represents artists like Taylor Swift, Billie Eilish, and Lady Gaga, is already listed in Amsterdam and has a stock market valuation there of almost €50 billion. The firm is both American and Dutch, holding its corporate headquarters in Hilversum, the Netherlands, and its operational headquarters in Santa Monica in the US state of California. Related World's biggest music labels sue AI song-generators for copyright infringement Universal Music Group and Spotify sign new deal as Björk slams streaming company UMG said in January that it would plan for the US listing after pressure from major hedge fund investor Pershing Square. Billionaire Bill Ackman, who leads Pershing Square, argued that a listing in the US would substantially boost UMG's value. Despite a dip caused by Trump's tariffs, US stock markets are now enjoying a rebound with the Nasdaq and the S&P 500 closing at record highs on Monday. The S&P 500 rose 0.1% and edged past its all-time high set last Thursday, the Nasdaq composite added 0.4% to its own record, while the Dow Jones Industrial Average dropped by less than 0.1%. Error while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
7 minutes ago
- Yahoo
BlackRock restricts use of company devices for China travel, Bloomberg News reports
(Reuters) -BlackRock has told staff traveling to China for business trips to use temporary loaner phones and not to bring company laptops, underscoring growing concern among some global firms about employees working there, Bloomberg News reported on Tuesday, citing an internal memo.
