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Sanofi Eyes Investment of Up to $1.6 Billion in Germany, Handelsblatt Reports

French pharmaceutical giant Sanofi (NASDAQ: SNY) is reportedly close to deciding on an investment of between 1.3 billion euros and 1.5 billion euros ($1.4-$1.6 billion) at its major production site in Frankfurt, Germany. This site is notably where Sanofi produces its insulin brand, Lantus, according to a report by Handelsblatt on Monday.

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Citing sources within the German government, the newspaper stated that Sanofi has reconsidered its initial plans to transfer Lantus production to France. Instead, the company is now leaning towards committing to an upgrade of its Frankfurt site, located in the Hoechst district.

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Sanofi has not yet responded to requests for comment.

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This potential investment is among several recent successes for Germany’s ruling coalition in attracting significant healthcare investments. In February, Japanese drugmaker Daiichi Sankyo announced it would invest around 1 billion euros to enhance its precision cancer drug operations near Munich. Additionally, in November last year, U.S. pharmaceutical company Eli Lilly (NYSE: LLY) pledged to invest 2.3 billion euros to produce obesity and diabetes medications in Germany.

As of the current exchange rate, $1 equals 0.9299 euros.

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