BRIEF—Daiichi invests 1 billion euros in German site for precision cancer drugs

Japanese drugmaker Daiichi Sankyo said on Friday that it would invest about 1 billion euros ($1.07 billion) to expand a manufacturing site near Munich, Germany, to boost its work on precision cancer drugs, according to media reports.

The expansion project marks another welcome win to shore up the government's economic credentials after US drugmaker Eli Lilly 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, noted Fidelity.

The investment was announced as German Health Minister Karl Lauterbach visited the center in Pfaffenhofen, north of Daiichi's European headquarters in Munich.