In a surprise U-turn, AstraZeneca has said it will invest £300m in the UK after pausing large-scale projects last year.
The British drugmaker had pulled back investments after becoming disillusioned with the business environment and the government's drug pricing policy.
It recently announced that it would lift the pause on £200m expansion in Cambridge and invest £100m into its Macclesfield site.
The company's chief executive, Pascal Soriot, said AstraZeneca will complete the construction of an office building on its Cambridge campus and build a new lab at its Macclesfield site.
AstraZeneca had last September paused the £200m investment in Cambridge, which followed the scrapping in January of plans to invest £450m in its vaccine manufacturing facility at Speke, Merseyside.
AstraZeneca employs 10,000 people in the UK, including more than 4,000 in Cambridge and a similar number in Macclesfield, 2,000 across London and Luton, and 400 in Speke.
Prime minister Keir Starmer said the investment was the result of the recent UK-US pharmaceutical arrangement.
The US had agreed to secure zero tariffs on British pharmaceutical products and medical technology in return for Britain spending more on medicines and overhauling how it values drugs.
As part of the deal, there was a significant change to the value appraisal framework at NICE, the UK body that determines whether new drugs are cost-effective for the NHS. NICE's "quality-adjusted life year" threshold was raised to £35,000 a year from £30,000.
