Swiss pharmaceutical company Novartis says it plans to invest $500 million (SFr483 million) in Russia over a five-year period.This content was published on December 20, 2010 - 10:06
Novartis says the investment will include the construction of a drug production plant in the western city of St Petersburg as well as research and development partnerships with local companies.
The Basel-based company says construction of the plant starts in 2011. It will be used to produce 1.5 billion generic and proprietary drugs each year when completed.
Novartis says the investment is one of the biggest it has ever made in local manufacturing.
Shares in the company rose 0.4 per cent to SFr56.95 ($58.85) on the Zurich exchange during early trading on Monday.
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