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AstraZeneca PLC (AZN) Closes in on Site for New $500 Million Home in Cambridge


5/21/2013 8:16:00 AM

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AstraZeneca is closing in on a site for its new $500 million home in Cambridge, with a biomedical park just south of the English city the most likely site, property industry sources said. Moving research and global headquarters to Cambridge, with minimal disruption, is a key test for new Chief Executive Pascal Soriot as he tries to change the drugmaker's culture and puts ground-breaking science at the center of its activities. The move to the university city, involving nearly 2,000 jobs, is the centerpiece of a $2.3 billion restructuring plan unveiled by Soriot in March, which also includes a 10 percent cut in overall staff numbers by 2016.

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