SAN DIEGO: Pharmaceutical Giant to Spend $1B on Labs
Pharmaceutical company Novartis will spend roughly $1 billion over 10 years for two research facilities in San Diego, the AP/Modesto Bee reports. The Functional Genomics Institute will develop new drugs and the Novartis Agriculture Discovery Institute, will research various improvements needed for the agricultural industry. Bob Powderly, COO for Novartis Agricultural Discovery Institute said, "San Diego was the primary choice due to the fact that we consider it to be the leading biotechnology center in the United States." The new labs will be located near the Scripps Research Institute at La Jolla. Novartis, which has more than 87,000 employees worldwide and will employ more than 450 people in San Diego, posted a 1998 revenues of $22 billion worldwide (1/18).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.