Novartis to Invest $1.25 billion in China (11844)
Tue, 11/03/2009 - 3:44am
BASEL, Switzerland (AP) — Novartis AG said Tuesday it will invest $1.25 billion in its research centers in China over the next five years. The company said it will spend $1 billion expanding the Novartis Institute of BioMedical Research in Shanghai, which specializes in the research of diseases particularly prevalent in China. Another $250 million will be invested in a new technical facility in Changshu, which researches, develops and manufactures active pharmaceutical ingredients, said Novartis. "We are confident that our expanded investment in R&D will result in innovative therapies for patients in China and other countries nurtured by the growing scientific excellence in China," said Chief Executive Daniel Vasella.