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Monday, January 03, 2011
Novartis Invests $500 Million In Russian Pharmaceutical Manufacturing And Other Related Fields.
While a $500 million infusion to facebook has driven facebook to have a $50 Billion valuation, Novartis seem to be quietly approaching Russia with a similar amount of investment but the valuation has not jumped that much, if at all.
On the other hand Novartis investment is spread over five years and the first part of the investment project, Novartis has signed an agreement to build a pharmaceutical manufacturing facility in St. Petersburg, Russia. Other parts include infrastructure, health care initiatives, and R&D in Russia over the next five years. The facility to be constructed this year will house technology for both generic and innovative pharmaceuticals.
“This collaboration shows our commitment to contributing to the ambitious health care goals of the Russian government,” Novartis CEO Joseph Jimenez says.
Novartis says it will also invest in research collaborations and may license Novartis compounds to qualifying Russian companies and license compounds from Russian scientists and universities which have developed compounds and solutions. Novartis aims to double its investment in drug development and clinical trials in Russia, joining Russian Prime Minister Vladimir Putin in pharmaceutical development in Russia. The Prime Minister pledged a $4 billion in federal funding for pharmaceutical industry development over the next 10 years. The Russian government wants 90% of Russia’s “essential medicines”, to be produced locally by 2020.