(Yicai) Nov. 6 -- AstraZeneca has signed an agreement at the China International Import Expo to invest a further USD136 million in its aerosol inhalation drug factory being built in the Chinese city of Qingdao, marking the third time that the UK-Swedish drugmaker has invested in the plant.

The London-based firm, which has attended all eight CIIEs, inked the deal with the management committee of the Qingdao High-tech Zone yesterday, it announced the same day. The investment is intended to further expand its local production of respiratory medicines for asthma and chronic obstructive pulmonary disease.

The Qingdao project was launched in March 2023 with an initial investment of USD450 million, and AstraZeneca subsequently committed a further USD300 million to it. The plant is expected to go live by 2028.

AstraZeneca remains committed to deepening its presence in China and working with local partners to help the country become an important hub for global healthcare innovation, said Iskra Reic, its executive vice president and international business head.

The Qingdao facility expansion announced at the CIIE reflects AstraZeneca’s confidence in China’s innovation ecosystem and the firm’s vision of working together to promote scientific progress and common health, Reic pointed out.

Earlier this year, AstraZeneca said it would invest USD2.5 billion to enhance its local innovation capabilities in China. At the core of that plan, the company opened a new global research and development center in Beijing last month, its sixth globally and second in China.

AstraZeneca has invested more than USD1.8 billion in the country over the last two years, building new facilities at its factories in Wuxi, Taizhou, and Qingdao, it said.

Since entering China in 1993, AstraZeneca has brought more than 40 innovative products to the market, spanning tumors, cardiovascular, renal, metabolic, respiratory, digestive, rare diseases, vaccine antibodies, and autoimmune diseases.

Revenue from the Chinese market jumped 11 percent to a record USD6.4 billion last year, accounting for 12 percent of the firm’s total income, according to its annual financial report.

This year's six-day CIIE, which is being held at the National Exhibition and Convention Center through Nov. 10, has gathered more than 4,100 foreign companies in an exhibition area spanning more than 430,000 square meters, both new records. 

Editor: Martin Kadiev