ICN Galenika Plans $136 Million Plant Investment
Yugoslav drugmaker ICN Galenika is to invest $136 million in the construction of three production plants, its deputy executive chairman, Ljubisa Rakic, said in Belgrade.
Mr Rakic announced that the plants were due to be completed over the next two to three years. Projects to build two of the plants - for the production of cephalosporin and penicillin - were already in hand, and the third would be created through a reorganization of production.
He added that Galenika had four key compounds in development. One is tiazofurin, being developed by parent ICN Pharmaceuticals. The second is 8-chlorocyclical-adenase monophosphate, the third is trideazoguanin and the fourth is selenofurin. Basic research on the first two has almost been completed, and they are now at the clinical trials stage. Mr Rakic said that his company's strategic priority is involvement in the development of gene therapy products and drugs for the treatment of chronic and degenerative diseases.
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