Biocad makes 20 billion rouble investment in St Petersburg facilities

Leading Russian biotech and biosimilars firm Biocad will invest 20 billion roubles ($340 million) in production facilities in St Petersburg over the next three to five years, with significant support from the public sector.

The city government has allocated land for new facilities which are expected to create hundreds of jobs and to help speed the development of 18 drugs, primarily for cancer and multiple sclerosis.

Biocad’s chief executive Dmitry Morozov said: “The launch of new projects has been made possible thanks to the support of the government of St Petersburg, which gave the company the status of ‘strategic investment projects in St Petersburg’, as well as the allocated land.”