Sanofi's €1.5 Billion Frankfurt Expansion Boosts EU Pharmaceutical Sovereignty and Job Creation
July 2, 2024Sanofi plans to invest up to 1.5 billion euros in expanding its site in Frankfurt, Germany.
Political figures in Berlin, including Green Party leader Omid Nouripour and Bundesgesundheitsminister Karl Lauterbach, support the investment.
Government spokesperson Steffen Hebestreit attributes the investment to the government's strategy.
Sanofi will construct a new modern production facility in Frankfurt's Höchst district, replacing the current Insulin production plant.
The investment is part of a broader trend of foreign pharmaceutical companies expanding operations in Germany.
The government is offering financial incentives to secure Sanofi's investment.
The investment is vital for maintaining pharmaceutical production within Europe for sovereignty and independence.
Sanofi's investment aims to strengthen global supply chains and ensure access to essential medications like Lantus.
The project is expected to drive job creation, investment leverage, and innovation in the pharmaceutical sector.
Summary based on 11 sources
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Sources
Investing.com • Jul 1, 2024
Sanofi eyes investment of up to $1.6 billion in Germany, Handelsblatt says