09:02 AM EST, 02/03/2025 (MT Newswires) -- Astrazeneca ( AZN ) rejected 78 million British pounds ($96.4 million) of UK government support after the new administration sought to reduce the amount of public support the company was promised by the previous administration to build a vaccine manufacturing facility, according to Financial Times, citing people briefed on the matter.

AstraZeneca ( AZN ) said Friday that it was canceling plans to invest 450 million pounds in a vaccine manufacturing facility in Speke, England, which it attributed to the cut in government funding support.

The previous government had offered the pharmaceutical company 90 million pounds, which includes 70 million pounds in grants for the factory and 20 million pounds in research and development support from the UK Health Security Agency, the FT reported.

AstraZeneca ( AZN ) did not immediately respond to a request for comment from MT Newswires.