Novartis is reportedly eyeing $23B investment in U.S.
Seeking Alpha News (Thu, 10-Apr 2:03 PM)
- Novartis (NYSE:NVS) announced Thursday it plans to invest $23B to build and expand 10 U.S. plants amid President Donald Trump’s repeated threats to impose tariffs on pharmaceutical goods, Reuters reported.
- As part of a five-year plan, the Swiss drugmaker is looking to build a new R&D facility in San Diego, California, in addition to six new manufacturing sites, some of which are tasked with producing raw pharmaceutical ingredients.
- The expansion is anticipated to generate over 10,000 skilled jobs for those such as engineers and scientists, while another 3,000 will benefit from newly created supporting roles and construction jobs. The company has yet to decide on the locations of the new sites.
- Amid President Trump’s oft-stated plans to impose pharmaceutical tariffs, leading drugmakers such as Johnson & Johnson (JNJ), Eli Lilly (LLY), and Merck (MRK) have announced major U.S. investments.
