- Novartis AG NVS is investing in next-generation biotherapeutics to create a fully integrated, dedicated $300 million to bolster its capacity and capabilities for early technical development of biologics.
- Spanning both drug substance and drug product development, the multi-year investment will be implemented across existing Novartis locations in Switzerland, Slovenia, and Austria.
- "The science of developing biologics is increasingly sophisticated, and we are excited to meet its challenges head-on," said Jonathan Novak, global head for biologics at Novartis' technical research division, which falls under the global drug development group.
- The goal of putting the infrastructure and expertise in place is to help the company's burgeoning biotherapeutics pipeline, including antibodies, antibody-drug conjugates, and therapeutic proteins.
- Specifically, Novartis will divide up its investments across three existing facilities in Europe:
- $100 million will go toward setting up a biologics hub at the Novartis St. Johann campus in Basel.
- $110 million will be spent on a biocampus in Mengeš, Slovenia, to ramp up clinical manufacturing and technical development.
- $60 million will fund the expansion and upgrade of the Schaftenau campus in Austria.
- The key words here are "integrated, seamless, and rapid," according to Reto Fischer, head of the technical research division, GDD, who noted that biotherapeutics account for almost half of all recent new drug approvals across the industry.
- Price Action: NVS shares are up 1.72% at $84.02 during the market session on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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