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Sanofi Nears Decision on $1.6B Upgrade For Frankfurt Insulin Plant

Vandana Singh
·2-min read
Sanofi Nears Decision on $1.6B Upgrade For Frankfurt Insulin Plant
Sanofi Nears Decision on $1.6B Upgrade For Frankfurt Insulin Plant

French drugmaker Sanofi is poised to commit between 1.3 billion euros and 1.5 billion euros ($1.4 billion – $1.6 billion) to enhancing its insulin production site in Frankfurt, Germany.

The site in Frankfurt’s Hoechst district is known for producing the company’s insulin brand, Lantus.

Also Read: Hawaii Court Rules Against Bristol Myers, Sanofi In Blood Clot Drug Case, Increases Liability To $916M.

This move comes after initial plans to shift Lantus production to France were reconsidered.

The decision to invest in the Frankfurt site represents a significant victory for Germany’s healthcare sector.

Germany’s ruling coalition has been actively working to attract healthcare investments. In February, Daiichi Sankyo announced plans to spend around 1 billion euros to advance its precision cancer drug work near Munich.

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Eli Lilly (NYSE:LLY) also committed 2.3 billion euros last November to produce obesity and diabetes medications in Germany.

Sanofi’s investment is expected to bolster its production capabilities and reinforce its commitment to maintaining a strong manufacturing presence in Germany.

Reuters noted that the upgrade will likely enhance Lantus’s supply chain stability and support Sanofi’s long-term strategic goals.

In May, Sanofi announced an investment of more than €1 billion to create new bioproduction capacity at its French sites in Vitry-sur-Seine (Val de Marne), Le Trait (Seine-Maritime), and Lyon Gerland (Rhône).

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Price Action: At the last check on Monday, SNY shares were up 1.96% at $49.47.

Image by HJBC via Shutterstock

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This article Sanofi Nears Decision on $1.6B Upgrade For Frankfurt Insulin Plant originally appeared on Benzinga.com

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