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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.27 | 0.26% | 102.84 | 103.00 | 102.275 | 102.70 | 984,688 | 01:00:00 |
From May 2019 to May 2024
By Cecilia Butini
Novartis AG said Tuesday that its generics division Sandoz is investing in new antibiotics-manufacturing technology in Europe over the next three to five years, expanding two sites and foreseeing the closure of a third.
The investment, which amounts to a total of 150 million euros ($182.3 million), is for the company's facilities in Kundl, Austria, and Palafolls, Spain, Novartis said.
As part of the plan, Sandoz is set to phase out its current production of active pharmaceutical ingredients at its Les Franqueses site in Spain, which it plans to close by 2024, Novartis said. Production of sterile active pharmaceutical ingredients is set to be transferred from Kundl to Palafolls in 2025, according to Novartis.
The company added that it would offer full support to employees who might be affected by the changes.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
May 18, 2021 05:14 ET (09:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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