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Novartis Opens $1 Billion Shanghai R&D Center

publication date: Jun 2, 2016
Novartis, a Swiss biopharma, opened a $1 billion R&D center in Shanghai that will complement its other two major R&D hubs -- one in its Basel home and the other in Cambridge, Massachusetts. Originally announced in 2009, the facility will house up to 1300 employees. In 2009, Novartis employed just 130 people in its China R&D operation. The new center will focus on treatments for diseases that are prevalent in China and Asia, such as gastric and liver cancer, HBV and hepatic fibrosis. Novartis felt it had to open the China center because of China's scientific talent, said CEO Joe Jimenez. "Not everyone wants to live in Basel," he added. More details....

Stock Symbols: (NYSE: NVS)

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