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| Name | Symbol | Market | Type |
|---|---|---|---|
| Novartis AG | NYSE:NVS | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.18 | 0.19% | 97.31 | 97.49 | 96.715 | 96.97 | 614,627 | 19:10:00 |
From May 2022 to May 2024
By Mauro Orru
Novartis AG's generics-and-biosimilars division Sandoz is investing at least $400 million in a new biologics production plant in Slovenia as the company seeks to cash in on rising global demand for biosimilar medicines.
The Swiss pharmaceutical company said Thursday that Sandoz had signed a memorandum of understanding to build the new plant in Lendava in what it called one of the largest international private-sector investments in Slovenia.
"This investment underscores our ambition to be the sustainable global leader in biosimilars, a segment projected to grow double-digit annually over the next decade," Sandoz Chief Executive Richard Saynor said.
Last year, Novartis said it was planning to spin off Sandoz and list it as a stand-alone company in Switzerland, a move that would focus the once-sprawling healthcare conglomerate solely on prescription drugs.
Works on the new plant are slated to start this year with full operations planned for late 2026.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
March 09, 2023 08:31 ET (13:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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