Novartis plans $500 million investment in Russia, including drug-making plant
Swiss drug major Novartis (NOVN: VX) this morning announced the signing of a Memorandum of Understanding (MoU), confirming its intent to build a new full-scale pharmaceutical manufacturing plant in St Petersburg; Russia. This investment is part of an overall $500 million commitment in local infrastructure and collaborative health care initiatives planned over a five-year period.
The group recently confirmed plans to strengthen its commercial position in fast growing emerging markets and develop significant businesses in the BRIC market countries – Brazil, Russia, India and China. The company also says it expects to continue investments to scale up its businesses for long-term growth, especially in emerging markets (The Pharma Letter November 18).
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