British biotech giant AstraZeneca PLC (LSE:AZN) has rebuffed claims that it is moving its vaccine operations to the US.
A Financial Times report suggested that AstraZeneca could relocate its vaccine manufacturing operations to Philadelphia due to Labour government plans to cut state aid.
AstraZeneca currently receives millions in grants to develop its vaccine facilities in Speke, Liverpool.
Earlier this month, it was reported that Labour Chancellor Rachel Reeves is considering reducing the government support by over £20 million, under Reeves’ attempts to plug an estimated £22 billion deficit in public finances.
France and India have also been cited as potential relocation options.
Prepared remarks from a spokesperson elaborated: “We are committed to pursuing the opportunity at Speke and are in constructive discussions with the UK government.
“We have no idea where the comments in some media come from and they do not seem to be based on facts. As an example, there are no discussions in the US or India.”
AstraZeneca is Britain’s most-valuable company and recently became the first UK-listed group to surpass a £200 billion stock market valuation.