Biopharmaceutical company AstraZeneca plans to build a US$1.5 billion (S$2 billion) manufacturing facility in Singapore.

The facility, supported by the Singapore Economic Development Board (EDB), will be operationally ready by 2029, according to the company's press release on May 20.

Design and construction is slated to begin by the end of 2024.

AstraZeneca will also work with the Singapore government and other partners to develop green solutions for the facility.

The facility will be designed to emit zero carbon from its first day of operations.

Numerous new jobs are expected to be created with the building of the new facility.

No details were given regarding the new site's location.

AstraZeneca has an office in Kallang Avenue at the moment.

It will be AstraZeneca's first-ever facility to cover the full manufacturing process for antibody drug conjugates (ADC).

ADCs are treatments that deliver a highly potent cancer-killing agent directly to cancer cells through a targeted antibody.

AstraZeneca's chief executive officer, Pascal Soriot, said: "Singapore is one of the world's most attractive countries for investment, given its reputation for excellence in complex manufacturing, and I am excited for AstraZeneca to locate our US$1.5 billion ADC manufacturing facility in the country."

EDB chairman Png Cheong Boon added that "this greenfield investment is a strong show of confidence in Singapore's biopharmaceutical manufacturing capabilities and talent".

"It strengthens our ecosystem in supporting the development and manufacturing of precision medicines and creates meaningful jobs and economic opportunities for Singapore," he added.

Top photo via AstraZeneca