BASEL, Switzerland (AP) -- Pharmaceuticals company Novartis AG said Tuesday it will invest $1.25 billion in its research centers in China over the next five years.
The company said it will spend $1 billion expanding the Novartis Institute of BioMedical Research in Shanghai, which specializes in the research of diseases particularly prevalent in China.
Another $250 million will be invested in a new technical facility in Changshu, which researches, develops and manufactures active pharmaceutical ingredients, said Novartis.
"We are confident that our expanded investment in R&D will result in innovative therapies for patients in China and other countries nurtured by the growing scientific excellence in China," said Chief Executive Daniel Vasella.
