Gideon Pharma to invest in Spain

Argentine drugs company Gideon Pharma has pledged to invest 20.0 million euros ($24.0 million) to build a pharmaceutical-chemicals factory in Olvega, Spain, a spokesman for the government of the local region of Castille and Leon confirmed. The firm will begin building the facility immediately, the spokesman added. However, he could not provide details of capacity, employment forecasts or product specialization for the the site.

Gideon is led by a powerful Argentinian investor group interested in developing drugs with strong commercial prospects in Europe and the rest of the world, Castille and Leona economy and employment councillor Tomas Villanueava was quoted as saying by the Spanish press. The project will be a boon for Olvega, a small town located in the province of Soria, in central Spain.