Daiichi invests 1 bln eur near Munich to make precision cancer drugs
16/02/2024 14:41
FRANKFURT, Feb 16 (Reuters) - Daiichi Sankyo 4568.T
said on Friday it would invest about 1 billion euros ($1.07
billion) to expand a site near Munich, Germany, to boost its
work on precision cancer drugs.
The expansion project marks another welcome win to shore up
the government's economic credentials after U.S. drugmaker Eli
Lilly LLY.N in November pledged to invest 2.3 billion euros to
make obesity and diabetes drugs in Germany, even as the country
is likely to see a second year of recession in 2024.
The investment was announced as health minister Karl
Lauterbach visited the center in Pfaffenhofen, north of
Daiichi's European headquarters in Munich.
Daiichi's project, which will create 350 jobs by 2030, will
add capacity to make cardiovascular drugs and labs to develop
and produce antibody drug conjugates (ADC), a promising new
class of precision chemotherapy drugs.
The Japanese drugmaker has partnered with AstraZeneca
AZN.L on two ADCs, one of which is breast cancer drug Enhertu,
and it struck another deal on three ADCs with Merck & Co MRK.N
in October.
($1 = 0.9305 euros)
(Reporting by Ludwig Burger; editing by Bartosz Dabrowski)
((ludwig.burger@thomsonreuters.com; +49 30 220133634;))