Sanofi eyes investment of up to $1.6 billion in Germany, Handelsblatt says

FILE PHOTO: The logo of French drugmaker Sanofi is seen a the Sanofi Genzyme Polyclonals in Lyon, France, September 30, 2023. REUTERS/Gonzalo Fuentes/File Photo

FRANKFURT (Reuters) - French drugmaker Sanofi is nearing a decision to invest between 1.3 billion euros and 1.5 billion euros ($1.4-$1.6 billion) at a major production site in Frankfurt, Germany, where it makes insulin brand Lantus, newspaper Handelsblatt reported on Monday.

The paper cited German government sources as saying Sanofi changed course after initial considerations to transfer Lantus production to France and the company is now close to committing to an upgrade of the German site in Frankfurt's Hoechst district.

Sanofi did not immediately respond to a request for comment.

Among recent wins by Germany's ruling coalition to attract healthcare investments, Daiichi Sankyo said in February it would spend about 1 billion euros to boost its work on precision cancer drugs near Munich.

U.S. drugmaker Eli Lilly in November last year pledged to invest 2.3 billion euros to make obesity and diabetes drugs in Germany.

($1 = 0.9299 euros)

(Reporting by Ludwig Burger; Editing by Kim Coghill)