Novartis to Invest $500 Million in Russia
December 20, 2010
The Associated Press reports, Swiss pharmaceutical company Novartis AG says it plans to invest $500 million in Russia over a five-year period. Novartis says the investment will include the construction of a drug production plant in the western city of St. Petersburg as well as research and development partnerships with local companies. The Basel-based company says construction of the plant starts in 2011. It will be used to produce 1.5 billion generic and proprietary drugs each year when completed.