ALTANA PLANS DRUG INNOVATION OFFENSIVE
The Hamburg, German-based pharmaceutical-maker and wholesaler Altana AG has revealed that it has plans to increase its share capital by some 250 million Deutschemarks ($146.3 million) to provide the base for what its chairman, Klaus Schweickart, calls an "innovation offensive."
The new capital that will be raised from this will be used for the rebuilding of the company's plant at Oranienburg in eastern Germany, Mr Schweickart said, and will also be invested in non-prescription drug business expansion and diagnostics, especially reagents.
In the drugs sector, the main emphasis will be on Altana's new gastrointestinal system product pantoprazole, the development cost of which has amounted to 250 million marks since 1980 and still requires a further 125 million investment before its market launch.
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