Novartis is pledging to sink â‚¬600 million ($816.5 million) into new and expanded facilities in Italy, a local newspaper reports. The company would upgrade its vaccine research center in Siena to the tune of â‚¬100 million. Novartis also would plunk down â‚¬500 million for an Italian production facility that would turn out its meningitis vaccine.
Adding credence to the story is the fact that Novartis chairman Daniel Vasella met Thursday with Italian Prime Minister Romano Prodi. "We're ready to proceed with new investments in Italy," Vasella said after the meeting. Whether they're of the magnitude reported we'll have to wait for Novartis to say.
- read the report from Interactive Investor
EU: Tips for a successful biotech sector. Report
Novartis to build $600M flu plant in NC. Report
Novartis wins $220M flu vaccine contract. Report
Vaccine "renaissance" attracts huge new venture investments. Report