12th Mar 2014 07:57
LONDON (Alliance News) - AstraZeneca PLC said Wednesday that it will book a USD275 million write down in the first quarter of 2013, as it announced the sale of its Alderley Park Site in Cheshire to Manchester Science Parks.
The sale is part of AstraZeneca's plan to establish a new global research and development centre and corporate headquarters in Cambridge in 2016.
AstraZeneca is continuing to pare down its operations through a restructuring programme. At the time of its full-year results in February, it said it expects to lay off around 5,600 staff between 2013 and 2016 and incur costs of around USD3.2 billion.
The pharmaceutical giant expects to complete the sale of the site by the end of March 2014, and will remain a tenant on the site. The handover of the site will be phased over a three-year period, AstraZeneca said, and the exit of its research and development staff will take place in line with the establishment of the facility in Cambridge.
The financial terms of the sale were not disclosed.
"The new owner is committed to building on AstraZeneca's life science legacy at the site and ensuring it remains a centre of biotechnology innovation in the North West of England," said Chief Executive Officer Pascal Soriot in a statement Wednesday. "It will lead to future growth and offer significant opportunities for new jobs to be created."
George Osborne, Chancellor of the Exchequer, said in a statement: "As the local MP, and as Chancellor, [he's] fighting hard for the future of this site. Life Sciences are one of the UK's leading sectors and by backing places like Alderley Park, we are backing the industries of the future."
Shares in AstraZeneca closed down 0.2% at 4,008.24 pence on Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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