Header

Skip to main content

Category: News

AstraZeneca Opens $300 Million Cell Therapy Manufacturing Facility in Montgomery County

Posted on by Nya Justis
AstraZeneca facility at 9950 Medical Center Drive, Rockville – photo credit: Montgomery County Government

New Facility in Rockville Will Produce Cutting-Edge Cancer Treatments and Create More Than 150 High-Quality Jobs

Montgomery County Executive Marc Elrich joined global biopharmaceutical company AstraZeneca and local leaders on Monday to celebrate the opening of a new $300 million advanced manufacturing facility in Rockville. The facility will produce CAR-T cell therapies—personalized treatments that are transforming how cancer is treated around the world.

“This facility represents exactly the kind of investment we want to support,” said County Executive Marc Elrich. “It will save lives, create high-quality jobs, and strengthen Montgomery County’s place as one of the nation’s top bio-life sciences hubs. We’re proud to have helped make it happen.”

The 84,000-square-foot facility, located at 9950 Medical Center Drive, is part of AstraZeneca’s $3.5 billion national investment in research and manufacturing. It will support clinical trials and future commercial production of cell therapies—treatments designed to re-engineer a patient’s own immune cells to fight disease.

“AstraZeneca’s new facility in Rockville is a testament to Montgomery County’s leadership in the life sciences industry,” said Elana Fine, MCEDC Board Chair. “This investment highlights the county’s commitment to advancing healthcare and fostering innovation, while bolstering the local economy. We look forward to continuing to support them as they settle into the new facility.” 

Montgomery County’s and State of Maryland support included:

  • $100,000 in targeted economic development incentives from Montgomery County.
  • Additional $500,000 in support from the Maryland Department of Commerce.
  • Job creation tax credits that take effect upon new employees being hired.
  • Coordination through the Department of Permitting Services (DPS) to accelerate approvals and meet an aggressive construction timeline.

“What makes this effort different is the precision and purpose behind it,” Elrich said. “The County and State made targeted investments tied to good jobs and groundbreaking science. That’s the kind of economic development we should all be proud of. Montgomery County continues to be a place where science, talent, and infrastructure come together. We’ve built a strong ecosystem—from startups to global companies—and we’re going to keep growing it.”

The facility is expected to create more than 150 skilled jobs in the region. AstraZeneca already employs more than 4,500 workers in Montgomery County across multiple sites, including its 1.3 million-square-foot Gaithersburg campus.

The County’s Department of Permitting Services worked closely with AstraZeneca and development partners to speed up permitting and inspections—enabling the project to open months ahead of schedule.

This announcement adds to a series of major bio-life sciences wins in Montgomery County, including:

County Executive Elrich will be promoting all of the County’s bio and life science success stories next month at the BIO International Convention in Boston, where he will meet with companies and organizations exploring new locations for expansion and collaboration.

To learn more about Montgomery County’s life sciences sector, visit www.thinkmoco.com.

About Astrazenica

AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialization of prescription medicines in Oncology, Rare Diseases and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. 

Learn more at https://www.astrazeneca-us.com/

About Montgomery County Economic Development Corporation (MCEDC)

Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland, and is funded by the Montgomery County Government. Created in 2015, MCEDC is led by a Board of Directors of business executives. Its mission is to accelerate business development, attraction, retention and expansion in key industry sectors while advancing equitable and inclusive economic growth.

Learn more at https://thinkmoco.com/

About Montgomery County Government

Montgomery County, Maryland, is the largest county in the state of Maryland with over 1.1 million residents. Bordering the District of Columbia, and directly across the Potomac River from Northern Virginia, Montgomery County is the home to 18 federal agencies including National Institutes of Health (NIH), the Food & Drug Administration (FDA), the National Institute of Standards and Technology (NIST) as well as the headquarters to over 700 companies. The county offers a unique ecosystem rich in talent, groundbreaking discoveries, and a vibrant community dedicated to sustainability and bold thinking. With 40% of residents speaking a language other than English and a third of the population born outside the U.S., Montgomery County embraces diversity. This inclusive environment fosters a rich tapestry of perspectives, providing an ideal location for businesses to thrive, innovate and flourish.

Learn more at https://www.montgomerycountymd.gov/

Press Release originally published by Montgomery County Government: https://www2.montgomerycountymd.gov/mcgportalapps/Press_Detail.aspx?Item_ID=47033

Rockville ranked one of the best places to live in Maryland in 2025 Niche report

Posted on by Nahid Hossain

Discover Rockville: One of the best places to live in Maryland for Families and Professionals

Rockville’s diversity, mix of urban and suburban amenities, wide variety of businesses, restaurants, and parks, and public school system are some of the reasons Niche.com ranked it the 11th best place to live in Maryland.

Niche.com provides a comprehensive assessment of an area’s overall livability. The ranking considers several factors, including the quality of schools, crime rates, housing trends, employment statistics, and access to amenities. Niche.com uses statistics primarily from the U.S. Census and represents the most recent data available.

Niche’s top 15 Best Cities to Live in Maryland in 2025 are:

  1. North Potomac
  2. North Bethesda
  3. Fulton
  4. Ellicott City
  5. Potomac
  6. Bethesda
  7. South Kensington
  8. Four Corners
  9. Chevy Chase
  10. Lutherville
  11. Rockville
  12. Travilah
  13. Columbia
  14. Monrovia
  15. Urbana

View Niche’s profile on Rockville at https://www.niche.com/places-to-live/rockville-montgomery-md/

World Health Organization deploys PharmaJet’s needle-free injection system, Tropis, in polio eradication campaign

Posted on by Nahid Hossain
Photo Credit: Business Wire

PharmaJet Tropis® Needle-free Delivery System used to immunize an additional 1.5 million children in latest WHO campaign.

GOLDEN, Co., March 13, 2025–(BUSINESS WIRE)–PharmaJet®, a company that strives to improve the performance and outcomes of injectables with its enabling needle-free injection technology, today announced that their Tropis intradermal (ID) delivery system was used in the latest World Health Organization’s (WHO) polio eradication campaign in Pakistan in February 2025. The supplemental immunization activity (SIA) campaign for children between 4 and 59 months of age was implemented in two regions in the Quetta block (Pishin, Quetta, Kila Abdullah, and Chaman) and Karachi (Central Karachi, East, East-Gujro, Keamari, Korangi, Malir, and West). Tropis was used to deliver fractional dose inactivated polio vaccine (fIPV) in parallel to oral polio vaccine (OPV) administration as part of a WHO recommended strategy to boost humoral immunity.

Evidence from Tropis use in poliovirus campaigns and routine immunization in Pakistan,1 Somalia,2 and Nigeria,3 demonstrated improved coverage, acceptability, speed of administration, and cost savings. Previous WHO campaigns that vaccinated over 10 million children in Pakistan and Somalia showed that Tropis is an effective and preferred solution for polio immunization campaigns that can help increase campaign coverage by over 18%.1 In addition, a recent randomized controlled implementation study in Nigeria4 demonstrated that among those vaccinated with Tropis, IPV2 coverage was more than 11% higher compared to those treated with the Standard of Care (SoC). The study team also found potential for up to 47% decrease in total immunization costs and 95% of healthcare workers expressed a preference for Tropis compared with the SoC. Tropis is the first and only needle-free ID delivery technology to achieve WHO prequalification.

“We are pleased to continue our partnership with the World Health Organization to eradicate polio,” said Paul LaBarre, Vice President Global Business Development, PharmaJet. “The Tropis needle-free system has been shown to be very effective and affordable in campaigns and routine immunizations, protecting nearly 12 million children against poliovirus. There is still a lot of work to do, and we are committed to achieving eradication goals so that no child suffers from paralytic polio.”

1 Daly, C et al, Needle-free injectors for mass administration of fractional dose inactivated poliovirus vaccine (fIPV) in Karachi, Pakistan: A survey of caregiver and vaccinator acceptability, Vaccine, Volume 38 Issue 8, 18 February, 2020, Pages 1893-1898

2 Nouh, K et al, Use of a fractional dose of inactivated polio vaccine (fIPV) to increase IPV coverage among children under 5 years of age in Somalia, Springer Nature Volume 2 article number 16 (2024)

3 Biya, O et al, Notes from the Field: House-to-House Campaign Administration of Inactivated Poliovirus Vaccine — Sokoto State, Nigeria, November 2022, CDC Morbidity and Mortality Weekly report, November 24, 2023 / 72(47);1290–1291

4 https://pharmajet.com/pharmajet-announces-implementation-study-results-increased-coverage-cost-savings-and-preference-for-routine-polio-immunization-with-tropis-id-needle-free-delivery/

5 Global Polio Eradication Initiative, who we are: https://polioeradication.org/who-we-are/

About PharmaJet

PharmaJet, located in Rockville, Maryland, has a mission to improve the performance and outcomes of injectables with enabling technology that better activates the immune system. Pharmajet is committed to helping partners realize their research and commercialization goals while making an impact on public health. For more information or partnering with PharmaJet visit https://pharmajet.com or contact PharmaJet here. Follow Pharmajet on LinkedIn.

Link to original press release: https://www.businesswire.com/news/home/20250313388571/en/WHO-Deploys-Tropis-PharmaJets-Needle-free-Injection-System-in-Latest-Polio-Eradication-Campaign-in-Pakistan

Montgomery County Government, State and Local Partners Announce Coalition to Support Maryland Businesses and Employees Affected by Federal Budget Cuts

Posted on by Amanda Bosland

This Public-Private Initiative will include the launch of a microsite compiling a list of resources and tools available to businesses and employees.

Montgomery County, Md., Mar. 24, 2025 – Montgomery County officials and key partners announced the formation of a strategic Public-Private initiative aimed at strengthening the local economy and supporting local businesses and employees affected by recent federal budget cuts. 

The coalition, Mobilize Montgomery, includes Montgomery County Government, Maryland Department of Labor, WorkSource Montgomery, Montgomery County Economic Development Corporation, Montgomery County Chamber of Commerce, the City of Gaithersburg, the City of Rockville,  Rockville Chamber of Commerce, the Maryland Women’s Business Center and Rockville Economic Development, Inc, as well as additional local chambers. 

“Montgomery County has long been home to thousands of federal workers and businesses that rely on federal contracts, and in this time of cuts and chaos from the federal government, those impacts can ripple through our economy,” said County Executive Marc Elrich. “Through Mobilize Montgomery, we are collaborating with private and public partners to provide resources and information to our residents. We are working together to help businesses stay open, keep people employed, and strengthen our local economy.”

Through its newly created microsite, www.mobilize-montgomery.com, the coalition will serve as a centralized resource hub ensuring that businesses, employees, and residents have access to critical information and support they need during this challenging time. Designed to be a one-stop shop for resources, the microsite will feature webinars, job posting websites and business incentives available to the public. Additionally, the microsite will allow local businesses to express their interest in participating in relevant events, as well as give interested employees the option of being notified of updated resources and upcoming events. 

“The drastic federal funding cuts and layoffs from the Trump Administration are directly impacting our residents and forcing contractors and small businesses to scrap projects and announce layoffs due to unpaid invoices and the elimination of federal support,” said Montgomery County Council President Kate Stewart. “Montgomery County is home to more than 77,000 dedicated and hard-working federal employees, and County leaders are committed to supporting our residents, federal contractors, and businesses during these uncertain and economically challenging times. This new collaboration among government and business leaders and workforce development organizations will provide guidance, resources, and support to help deal with the impact that these draconian federal cuts are having on our federal contractors and local businesses that fuel our economic engine.”

As Montgomery County braces for additional federal budget cuts, Mobilize Montgomery is committed to working with Maryland Governor Wes Moore to provide support to our businesses and workforce, ensuring that Maryland’s economy remains resilient and vibrant.

For more information about the initiative or to access available resources, please visit www.mobilize-montgomery.com.

About Montgomery County Government

Montgomery County, Maryland, is the largest county in the State of Maryland with over 1.1 million residents. Bordering the District of Columbia, and directly across the Potomac River from Northern Virginia, Montgomery County is home to 18 federal agencies including the National Institutes of Health (NIH), the Food & Drug Administration (FDA), the National Institute of Standards and Technology (NIST) as well as the headquarters to over 700 companies. The county offers a unique ecosystem rich in talent, groundbreaking discoveries, and a vibrant community dedicated to sustainability and bold thinking. With 40% of residents speaking a language other than English and a third of the population born outside the U.S., Montgomery County embraces diversity. This inclusive environment fosters a rich tapestry of perspectives, providing an ideal location for businesses to thrive, innovate and flourish. 

Rockville Ranks 9th Most Ethnically Diverse City in the U.S. for 2025

Posted on by Amanda Bosland
Global Bites Fest 2025 (Image Credit: Nick Piacente)

Rockville Makes Top 10 List of Most Diverse Cities in the Country

In order to determine the most ethnically diverse places in America, WalletHub compared 501 of the most populated U.S. cities across three key metrics: ethnoracial diversity, linguistic diversity, and birthplace diversity.

Since 2018, Rockville has consistently placed in the top 20 most ethnically diverse cities in the U.S., ranking in 5th place in the small cities category, 9th in linguistic diversity, and 9th overall for 2025. Out of over 500 cities, Rockville is one of four in Montgomery County to place in the top 10 overall this year.

Most Culturally Diverse Cities in the U.S.

  1. Germantown, MD
  2. Jersey City, NJ
  3. Gaithersburg, MD
  4. Silver Spring, MD
  5. Kent, WA
  6. New York, NY
  7. Spring Valley, NV
  8. Federal Way, WA
  9. Rockville, MD
  10. Oakland, CA

“Living in an ethnically diverse city can be an economic benefit, as people bring a wide range of skillsets and approaches to solving problems from their own cultures and national origins. Residents can also establish unique types of businesses, such as restaurants serving cultural dishes. People who live in ethnically diverse cities have the opportunity to learn a lot about people different from themselves, which is not only an enriching experience but also a good way to break down walls of prejudice.” -Chip Lupo, WalletHub Analyst

View WalletHub’s full 2025 report: https://wallethub.com/edu/cities-with-the-most-and-least-ethno-racial-and-linguistic-diversity/10264

Maryland Women’s Business Center Welcomes Karen Sippel as New Managing Director

Posted on by Amanda Bosland
Karen Sippel (pictured above) - Begins as MWBC's Managing Director as of February 4, 2025

Sippel’s career is rooted in supporting small businesses, particularly women-owned enterprises.

Rockville, Md., Feb. 4, 2025 –The Maryland Women’s Business Center (MWBC), a program of Rockville Economic Development, Inc. (REDI), is pleased to announce the appointment of Karen Sippel as its new Managing Director effective February 4, 2025. With a career spanning entrepreneurship, nonprofit leadership, and strategic communications, Sippel brings a wealth of experience to MWBC as it continues to empower entrepreneurs across Maryland.

“We are thrilled to welcome Karen to MWBC,” said Cynthia Rivarde, CEO of Rockville Economic Development, Inc. “Her experience designing and leading training program for women entrepreneurs, combined with her background in marketing, nonprofit management, and fundraising, makes her a tremendous asset to our organization and the businesses we serve.”

Sippel’s career is rooted in supporting small businesses, particularly women-owned enterprises. As co-founder and managing director of the African Women Entrepreneurship Cooperative (AWEC), she led a capacity-building program that empowered 200 business owners annually across 52 African countries to level-up their skills, increase revenue, and hire more employees. She has also founded and operated multiple businesses, including a professional services firm and a wholesale bakery, the latter of which she opened after earning a pastry arts certificate from a Washington, D.C.-area culinary school.

In addition to her work in entrepreneurship, Sippel has held senior leadership roles in communications, marketing, and fundraising at tech startups, nonprofits, and global public affairs firms. She has served as a senior executive at The Center for Global Enterprise, Personal (a startup focused on online privacy that was later acquired by Digi.Me), and major public relations and marketing agencies such as Porter Novelli, Merritt Group, and Burson-Marsteller.

With a deep passion for entrepreneurship, Sippel is eager to lead MWBC into its next chapter. “Coming from a multi-generational family of business owners, I have a deep affinity for those who take the leap to start and grow their own businesses,” said Sippel. “I understand the challenges entrepreneurs face, and I’m honored to step into this role at MWBC to continue supporting small businesses across Maryland.”

Sippel holds a Bachelor of Arts degree in history from the University of Virginia. She also serves as a mentor to women entrepreneurs, providing guidance through AWEC’s year-long capacity-building program.

About Maryland Women’s Business Center

Maryland Women’s Business Center (MWBC) is a signature program of Rockville Economic Development, Inc. MWBC helps entrepreneurs and small businesses owners across Maryland’s Capital Region start, sustain, and grow their companies. Through workshops, individual counseling, facilitated peer group support, special resources, and access to capital, MWBC annually helps over 1,500 entrepreneurs gain the skills, connections, and confidence necessary to navigate entrepreneurship. Learn more at marylandwbc.org. 

Media Contact
Amanda Bosland, Marketing & Communications Director, REDI – amanda@rockvilleredi.org

Rockville’s metropolitan area named one of the best-performing in the U.S. for 2025

Posted on by Amanda Bosland
Photograph of a street intersection in Rockville Town Square flanked by multi-story buildings

The Milken Institute's 2025 Best Performing Cities index ranks a total of 403 cities split between small and large cities

Article originally published by Bethesda Magazine on January 20, 2025.

The metropolitan area including Silver Spring, Rockville and Frederick ranked No. 123 out of 200 large cities included in The Milken Institute’s 2025 Best Performing Cities index after making small improvements in employment and wages, according to a report released Jan. 14 from the nonpartisan think tank. 

The area’s 2025 ranking is an improvement from the 2024 ranking at No. 147, but a decrease from the No. 100 ranking in 2023. The metropolitan area, which includes Montgomery and Frederick counties, ranked in the fourth tier out of five of the index’s Best Performing Cities.

According to its website, the Milken Institute’s 2025 Best Performing Cities index ranks a total of 403 cities, split between small and large cities, using 13 metrics, including labor market conditions, high-tech industry growth and access to economic opportunities, to create its annual ranking.

According to the institute’s data, the area including Silver Spring, Rockville and Frederick saw a 1.3% increase in job growth from 2022 to 2023. The area also saw a 4.8% wage increase from 2022 to 2023. Short-term job growth from July 2023 to July 2024 was 0.4%.

When considering access to economic opportunity, 95.5% of households in the area have broadband internet and 70% have affordable housing, according to the institute’s data.

The neighboring Washington, D.C., metro area ranked No. 62 among large cities in 2025, an improvement from No. 134 in 2023 and No. 98 in 2024. The top-ranked large city was Raleigh, North Carolina, followed by the Ogden-Clearfield area and Salt Lake City, both in Utah. The top small cities included Gainesville, Georgia, and St. George in Utah.

Link to article: https://bethesdamagazine.com/2025/01/20/silver-spring-rockville-ranked-best-performing-cities/

 

Comstock announces affordable housing project for Rockville development site

Posted on by Amanda Bosland
Rendering of Momentum @ Rockville Station - Image credit: Business Wire

The property, located adjacent to Metro’s Rockville Station on the Red Line, will be branded as Momentum @ Rockville Station and is slated to deliver well over 100 affordable housing units to the community.

Reston, Va., Nov. 20, 2024 – Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today that it is partnering with SCG Development Holdings, LLC (“SCG”) to form a joint venture that will develop an affordable housing project located on land currently owned by Comstock at 41 Maryland Avenue in Rockville, Md. (“Comstock 41”). The property, located adjacent to Metro’s Rockville Station on the Red Line, will be branded as Momentum @ Rockville Station and is slated to deliver well over 100 affordable housing units to the community.

“The City of Rockville is working to expand housing options to help support the everyday heroes of our community, including teachers, firefighters, police offices, health professional staff, and other people who help our city, county, and state run,” said Monique Ashton, Mayor of Rockville. “We look forward to working with this joint venture [Comstock and SCG] to create more high-quality, transit-oriented, affordable housing that provides a safe place for residents to thrive.”

SCG is a respected leader in affordable housing development that specializes in community-centered housing solutions. They have been involved in the successful development of more than 100 properties across the United States, including Momentum @ Shady Grove, a similar affordable housing project developed by SCG and Comstock that sits adjacent to the Shady Grove Metro station and was delivered in 2020.

Comstock and SCG entered into a definitive purchase agreement for Comstock 41, which was acquired by a subsidiary of Comstock in late 2023 for approximately $1.5 million. Pursuant to the purchase agreement, Comstock and SCG will enter into an operating agreement and a development agreement, under which Comstock will provide development management services to the joint venture. The Company will also be entitled to provide property management services once the development is ready for occupancy. The Comstock 41 transaction is expected to close upon approval of the construction plans by the City of Rockville. Financing will be arranged by SCG once the plans are approved.

“SCG is excited to announce the launch of Momentum at Rockville Station, which is currently in the planning and entitlement stages,” said Steven P. Wilson, President, SCG Development. “The development will provide much-needed affordable housing that is close to retail and office space and walkable to the Rockville Metro Station. As we navigate the planning and approval process, we are fully committed to collaborating with Comstock and local government officials to ensure the project’s success.”

Comstock and SCG will work closely together with the City of Rockville to secure approvals needed to maximize the number of affordable units the joint venture will deliver to the heart of Rockville Town Center. This adheres to the project’s vision to meet the City of Rockville’s growing housing needs and underscores the ongoing commitment of Comstock and SCG to provide accessibility to affordable, transit-oriented housing options that help foster community growth.

“We are thrilled to once again partner with SCG to deliver more high-quality, transit-oriented, affordable housing to Montgomery County’s fast-growing population,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “Set alongside BLVD Forty Four and BLVD Ansel, Momentum @ Rockville Station will further expand Comstock’s footprint in the vibrant Rockville Town Center neighborhood. We’re helping to address the need for affordable transit-oriented housing.”

About Comstock

Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet at full build-out and including stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest-growing segments of one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information visit https://comstock.com/

 

View original press release: https://ir.comstockcompanies.com/news/news-details/2024/Comstock-Announces-Affordable-Housing-Project-for-Rockville-Development-Site/default.aspx

 

Rockville Economic Development, Inc. seeks Managing Director for Maryland Women’s Business Director

Posted on by Amanda Bosland

The Maryland Women's Business Center hosts more than 120 workshops a year, interacting with more than 1,600 clients through its various services and programs.

Rockville Economic Development, Inc. (REDI) is seeking a qualified and experienced candidate for the position of Managing Director for the Maryland Women’s Business Center (MWBC).

The Managing Director for the Maryland Women’s Business Center reports directly to the Chief Executive Officer for the Rockville Economic Development, Inc. (REDI). The MWBC is funded in part through a Cooperative Agreement with the U.S. Small Business Administration, as well as other Federal and local funding sources, including hosting more than 120 workshops a year, interacting with more than 1,600 clients through its various services and programs. The Managing Director, responsible for overseeing an annual budget of $1M and leading a staff of seven, plus other contractors and volunteers, will facilitate the daily operations of the Maryland Women’s Business Center (MWBC) in Rockville, Bowie, and a satellite location in Frederick. 

Details of the position responsibilities and job requirements are included in the job description (PDF) posted here: Managing Director – Maryland Women’s Business Center job description.

To apply, qualified candidates should submit their résumé with cover letter indicating interest via email to HR@rockvilleredi.org. Application review begins on December 20, 2024.

AstraZeneca invests $3.5 billion in R&D and manufacturing in the United States

Posted on by Amanda Bosland
AstraZeneca's new manufacturing facility at 9950 Medical Center Drive, Rockville MD - Photo credit: CoStar

Investment includes $300 million manufacturing facility in Rockville set to open in 2026

Article originally published by CoStar on November 12, 2024

AstraZeneca plans to invest $3.5 billion by the end of 2026 to expand its research and manufacturing operations across the United States.

The United Kingdom-based pharmaceutical giant said Tuesday its capital commitment to the expansion includes $2 billion in new investment.

“By expanding our R&D and manufacturing footprint, we aim to enhance the development of cutting-edge therapies and support the United States leadership in healthcare innovation,” AstraZeneca’s CEO Pascal Soriot said in a statement.

The company’s plan to expand comes as demand in the U.S. for life science space, including lab, research and development, and other biotech facilities, shows signs of increasing. The sector had surged early in the pandemic then slowed dramatically as capital markets tightened and venture capitalists looked elsewhere to make investments.

With the recent addition of 3 million square feet of life science space to the sublease market, the sector’s overall availability is 30% and rents are down 9%, according to JLL’s recently released 2024 Life Sciences Real Estate Perspective and Cluster Analysis.

The company said its expansion plans include an R&D facility at Kendall Square in Cambridge, Massachusetts; a biologics manufacturing facility in Maryland; and properties involved in cell therapy manufacturing on the West and East coasts and specialty manufacturing in Texas.

AstraZeneca’s exact plans, including how much commercial property it would add, have not been disclosed in detail. In February, the company said it would invest $300 million in a manufacturing facility in Rockville, Maryland. It is expected to be operating by 2026.

AstraZeneca has said there is increased demand for its medicines across its work in oncology, biopharmaceuticals and rare diseases, driving a financial growth trajectory.

The move is the first step to achieving $80 billion in total revenue by 2030, it added. The company’s global media relations team did not immediately respond to CoStar News’ email request for comment.

The investment would add more than 1,000 jobs to the roughly 17,800 employees currently working across 17 research and development, manufacturing and commercial sites in 12 states, according to the firm.

Details on the healthcare property investment came the same day the company said its third-quarter total revenue grew 21% and core earnings per share were up 27% from the prior-year period.

“Growth looks set to continue through 2025,” the company said.

Link to article: https://www.costar.com/article/10531341/astrazeneca-plans-35-billion-expansion-of-research-manufacturing-operations-across-us