UK pharmaceutical giant AstraZeneca (AZ; NASDAQ: AZN) has concluded a roughly 12-month discussion period with local authorities and is proceeding to establish a research and development (R&D) center in Hong Kong, marking a significant step as it becomes the first leading global Big Pharma to do so in the city. The R&D center will specialize in cell and gene therapies (CGTs).
Leon Wang Lei, AstraZeneca’s head of International Regions, attended the plaque-laying ceremony for the site, which is situated at a tech hub in the Lok Ma Chau Loop, bordering mainland China. Wang stated that the new center will concentrate on discovering next-generation therapeutics for autoimmune diseases, oncology, and rare diseases, as reported by The South China Morning Post. Hong Kong is also set to host more of the company’s clinical trials in the future. The center is anticipated to be operational by late 2024 and is expected to initially employ around 100 people.
This R&D center is part of a series of new investments in Hong Kong’s biomedical sector, reflecting the efforts of Hong Kong’s Office for Attracting Strategic Enterprises to spur private sector investment and position Hong Kong as a biomedical hub. The initiative also aims to develop Hong Kong’s role within the Greater Bay Area, a development plan encompassing Hong Kong, Macau, and nine cities in Guangdong. AstraZeneca initiated a partnership with the Hong Kong Science and Technology Parks (HKSTP) in 2021, which was expanded earlier this year to a full co-incubation program supporting local and foreign start-ups. Additionally, the University of Hong Kong (HKU) recently welcomed the establishment of two infectious disease labs by the United Nations’ (UN’s) International Vaccine Institute and Cambridge University. The Office for Attracting Strategic Enterprises announced last month that over 30 foreign and domestic companies are poised to invest HKD 30 billion into the city in the near term.- Flcube.com
