(Updates with additional details in the third and fourth paragraphs.)
Novartis (NVS) plans to invest $23 billion in building and expanding 10 facilities in the US over the next five years in response to possible drug import tariffs under the Trump administration, Reuters reported Thursday, citing the company.
The company plans to construct six new manufacturing plants, including factories for raw pharmaceutical ingredients, and a new research and development site in San Diego, California, according to the report.
The projects, set for completion over the next five years, are expected to create over 1,000 specialized jobs and an additional 3,000 support and construction jobs, according to Reuters.
The company has reportedly not decided on exact locations for the new manufacturing sites.
Novartis did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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