Sanofi invests $1.4 billion in German insulin plant

French pharma major Sanofi (Euronext: SAN) revealed it plans to construct a new, state-of-the-art insulin production facility at its BioCampus in Frankfurt Höchst.

The company said the aim of the new facility is to secure the long-term supply of vital insulin for people with diabetes and at the same time strengthen European security of supply. The investment for this will be around 1.3 billion euros ($1.4 billion) by 2029. The Sanofi BioCampus is one of the company's largest integrated manufacturing and distribution sites, it noted.

Sanofi's investment is made possible by the support of the German federal government, the Hessian state government and the city of Frankfurt and is subject to the approval of the European Commission in the EU state aid procedure.