Boehringer Ingelheim will spend approximately $131 million to expand and upgrade its plant in Koropi, Greece in order to increase its manufacturing capacity for new and existing medications.
According to Boehringer, the expansion will allow the drugmaker to boost drug exports to the U.S. market, specifically for blockbuster type 2 diabetes med, Jardiance. The SGLT2 inhibitor, developed jointly with Eli Lilly, was recently included on the Centers for Medicare & Medicaid Services' initial list of 10 medications designated for Medicare price negotiations in accordance with the Inflation Reduction Act.
Additionally, the expansion, which will create 110 jobs, will allow the facility to potentially manufacture new meds for cardio-renal-metabolic disease, mental health and pulmonary fibrosis — all of which are currently in Boehringer's late-stage pipeline.
The expansion comes on the heels of a busy start to 2024 for Boehringer, who kicked off the new year with a swath of deals. On January 3, the drugmaker signed a deal — that could exceed $2 billion — with Suzhou Ribo Life Science subsidiary Ribocure Pharmaceuticals to develop treatments for nonalcoholic or metabolic dysfunction-associated steatohepatitis (NASH/MASH).
The next day, Boehringer entered into T-cell engager anticancer therapy collab with 3T Biosciences, which could reach $538.5 million. A day later, Boehringer inked a $449 million license agreement with Kyowa Kirin to develop a novel, first-in-class treatment for fibro-inflammatory diseases
