Asia Tech Wire (May 20) -- British drugmaker AstraZeneca said Monday it will invest $1.5 billion to build a manufacturing site in Singapore specializing in antibody-drug conjugates (ADCs).

Construction of the plant will begin at the end of this year and is due to be operational in 2029.

AstraZeneca said it has received support from the Singapore Economic Development Board (EDB), but did not say what incentives it will receive from the Singapore government.