Novartis announced it has signed a Memorandum of Understanding with St. Petersburg, Russia to build a new $500 M pharmaceutical manufacturing plant. It is part of the company's plan to invest more heavily in the important Russian emerging market. The MOU addresses a 5-yr partnership fo local manufacturing, R&D partnerships and public health development.
Construction is expected to be completed in 2011. The plant will make both branded drugs and generics to serve initially the Russian domestic market but ultimately other markets outside of Russia. Novartis further plans to partner on R&D projects with Russian companies and Universities - as well as in-license and out-license products.
Said a Novartis spokesman, "With its increasing commitment to and demand for better healthcare, the Russian government is well suited to partner with Novartis to address their healthcare priorities and improve healthcare outcomes."
Posted by Bruce Lehr December 21st 2010.