Abbott to invest 7.4 billion rubles in the extension of its production in Vladimir region

U.S.-based pharmaceutical company Abbott announced plans for the construction of cancer drugs plant in Volginsky village of Petushinsky district, Vladimir region. In spite of the sanctions from Western countries, the company has decided to complete the project, started by the acquisition of LLC Gardenhills, which owned more than 98% shares of PJSC Verofarm

Abbott to invest 7.4 billion rubles in the extension of its production in Vladimir region

U.S.-based pharmaceutical company Abbott announced plans for the construction of cancer drugs plant in Volginsky village of Petushinsky district, Vladimir region. In spite of the sanctions from Western countries, the company has decided to complete the project, started by the acquisition of LLC Gardenhills, which owned more than 98% shares of PJSC Verofarm.

According to the press service of the Vladimir region administration, total investment is expected to be 7,4 billion rubles. The production area of the plant will be more than 19,000 square meters. The future plant will manufacture about 50 types of products, including antibiotics and cold remedies. The extension of production will increase the manufacturing output fivefold. The project is expected to be finalized in 2017.

Apart from Abbott plant, Volginsky village is a location for Russian company Generium that develops and produces unique products for post-infarct treatment.

Abbott Laboratories is an American pharmaceutical company, established by Chicago physician Wallace Abbott. The company headquarters are located in Abbott Park, Illinois.