Novartis announces new investment in China to increase R&D activities

08:32, November 04, 2009      

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Swiss pharmaceutical giant Novartis announced on Tuesday that it would invest 1 billion U.S. dollars in China over the next five years, with a main aim to increase R&D activities in the country.

The new investment will include a significant expansion of the Novartis Institute of BioMedical Research in Shanghai, the company said in a statement.

The Shanghai institute specializes in basic research and development of new drugs including small molecule and biological medicines to treat diseases that are highly prevalent in China, according to the statement.

"We are confident that our expanded investment in R&D will result in innovative therapies for patients in China and other countries nurtured by the growing scientific excellence in China,"said Daniel Vasella, chairman and CEO of Novartis, in the statement.

The Shanghai institute is expected to be the third largest R&D center for Novartis, after the R&D center in Cambridge, Massachusetts, USA and the facility at the Novartis headquarters in Basel, Switzerland, and to become the largest comprehensive R&D center in China.

Source:Xinhua
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