With the world waiting, Roche socks $459M into COVID-19 antibody test production
Roche received the FDA's emergency use nod for its COVID-19 antibody test late last week. (Roche)
Roche scored a major win with the FDA's backing for its COVID-19 antibody tests last week in a field marked by products of questionable quality. Now, to cover its booming production goals, Roche plans to infuse nearly half-a-billion dollars into its German manufacturing facility.
Roche will plow $459 million into its manufacturing facility in Penzberg, Germany, to boost production of the antibody test that won an emergency use authorization from the FDA last week, Reuters reported.
At a German Ethics Council meeting Monday, officials said the government had signed a deal with Roche to secure 3 million diagnostic tests in May and an additional 5 million each following month. Eventually, Roche will aim to produce nearly 100 million tests per month by the end of 2020, according to Reuters.
Roche is reportedly also working on a four-year plan to develop a brand-new research and diagnostic center.
After the FDA approval Friday, Roche said it is prepared to produce "high double-digit millions" of the tests in May with the intent to continue ramping up production.