French drugmaker Sanofi will invest 1.3 billion euros ($1.40 billion) in a new insulin production facility at its existing site in Frankfurt, where it makes insulin brand Lantus, the company said on Thursday.
The investment will pave the way for the construction of a 36,000-square-metre facility that will replace Sanofi’s current insulin production plant in Frankfurt’s Hoechst district by 2029, the company said.
Last month, German media cited government sources as saying Sanofi had changed course after initial considerations to transfer Lantus production to France.
At that time, the drugmaker had been considering an investment of between 1.3 billion euros and 1.5 billion euros in a new facility in Frankfurt, reports said.
Among recent wins by the German government to attract healthcare investments, Daiichi Sankyo said in February it would spend about 1 billion euros to boost its work on precision cancer drugs near Munich.
U.S. drugmaker Eli Lilly in November last year pledged to invest 2.3 billion euros to make obesity and diabetes drugs in Germany.
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