Brazilian Investment By Drug Firms
Wyeth-Whitehall, a unit of the US company American Home Products, has taken the approval of new legislation protecting intellectual property rights in Brazil as the green light for its modernization program in the country, according to local reports. The firm has acquired from the Swedish-Swiss group Asea Brown Boveri a 120,000 square meter area outside Sao Paulo that will be transformed into a model distribution center. Investment totalling $20 million is envisaged.
Drug companies are thought to be investing around $310 million in the country, with the largest investment said to be from Glaxo Wellcome, worth $150 million. SmithKline Beecham is investing $70 million in the establishment of a new plant in Rio de Janeiro, reports South American Business news, and other firms investing in the area include Bayer, Schering-Plough, Sandoz, and Knoll.
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