Sanofi punts 1 billion euros on new insulin production base in China

The China-based subsidiary of French pharma major Sanofi (Euronext: SAN) revealed it has signed a memorandum of cooperation with Beijing Municipal Bureau of Economy and Information Technology and Beijing Economic and Technological Development Zone today to invest around 1 billion euros ($1.05 billion) to establish a new manufacturing base.

This is another important milestone in Sanofi's development in China, demonstrating its commitment and confidence in deepening its long-term development in China, and comes as a number of pharma majors have increased their investment in the country, the company noted.

Sanofi will invest in building a second Beijing production base to enhance local end-to-end insulin production and manufacturing capabilities, focusing on serving the insulin medication needs of local diabetic patients. This will be Sanofi's fourth production and supply base in China, and it has created the company's largest single investment record in China.