FRANKFURT (Reuters) -French drugmaker Sanofi (NASDAQ:) 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.
A government spokesperson said Chancellor Olaf Scholz was “very much looking forward” to further development but it was for the company to provide an update.
Sanofi said it would not comment on specific investment projects.
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 (NYSE:) in November last year pledged to invest 2.3 billion euros to make obesity and diabetes drugs in Germany.
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