Pfizer to boost 19 pill production with French deal

PARIS, Jan 17 (Reuters) - Pfizer PFE.N will add a production facility for its antiviral COVID-19 pill in France as part of a plan to invest 520 million euros ($594 million) in the country over the next five years, the U.S. drugmaker said on Monday.

The decision is part of Pfizer's strategy to boost global production of the pill, paxlovid, which was found to be nearly 90% effective in preventing hospitalizations and deaths in patients at high risk of severe illness, according to clinical trial data.

The investment will initially involve the production of active pharmaceutical ingredient (API) for paxlovid at a plant run by French pharmaceutical group Novasep, Pfizer said, noting that additional Novasep facilities will be added next year.

"Novasep will produce API for use in our manufacturing network, expected to contribute to the overall (global) effort to produce 120 million courses of treatment in 2022," it added.

The drug obtained emergency approval from the U.S. drug regulator in December, and is being assessed for possible authorisation in the European Union.

Pfizer said it expected Novasep's plant in Mourenx, in south-west France, to be incorporated into its global paxlovid supply chain in the third quarter of this year, with production being expanded to include other Novasep facilities in 2023, a spokesman said.

Novasep confirmed the production schedule adding that technical transfer, on-site development and equipment installation activities at the Mourenx plant will begin immediately, with the company planning to recruit more than 40 additional employees there.

Pfizer, which said it was too early to provide projections for the output from Novasep, said other sites around the world were also being used for the manufacturing of paxlovid, including in Ireland and Italy.

Part of the 520 million euros will also go into research in France, including partnerships with biotech firms there, according to Pfizer, which declined to give a breakdown of its investments in research and manufacturing in France.

($1 = 0.8758 euros)

Vaccine rollout Link
Covid situation around the world Link

Reporting by Francesco Guarascio and Sudip Kar-Gupta; Editing
by Kim Coghill, Pravin Char and Louise Heavens

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.