AbbVie Begins Construction on $70 Million Expansion to Further Increase Biologics Manufacturing and R&D Presence in the U.S.
AbbVie (NYSE:ABBV) has initiated construction on a $70 million expansion at its AbbVie Bioresearch Center in Worcester, Massachusetts.
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Rhea-AI Summary
AbbVie (NYSE:ABBV) has initiated construction on a $70 million expansion at its AbbVie Bioresearch Center in Worcester, Massachusetts. The expansion is part of AbbVie's broader $10 billion U.S. investment commitment to enhance biologics manufacturing capabilities and capacity.
The project includes new biologics manufacturing areas and a three-story building for laboratory, warehouse, and office space. This investment will facilitate the transfer of select oncology products from Europe to the U.S. and support the production of current and next-generation oncology and immunology medicines. The expansion will create new jobs, adding to AbbVie's existing 28,000 U.S. employees, including over 2,000 in Massachusetts.
Positive
- Part of a larger $10 billion U.S. investment commitment for innovation and manufacturing expansion
- Creation of new jobs at the Worcester facility
- Expansion of domestic biologics manufacturing capacity to meet increased global demand
- Transfer of oncology product manufacturing from Europe to U.S.
- Enhancement of production capabilities for current and next-generation medicines
Negative
- Significant capital expenditure of $70 million requiring allocation of financial resources
Details
News Market Reaction – ABBV
On Sep 30, the day this news came out, ABBV closed 3.76% above the previous close.
Data tracked by StockTitan Argus for the Sep 30 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Expansion increases biologics manufacturing for immunology and oncology medicines
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Milestone marks progress on
AbbVie's long-term commitment to
U.S. manufacturing -
Furthers longstanding commitment to AbbVie's
Massachusetts sites and workforce
This investment will further expand AbbVie's domestic biologics manufacturing capacity to meet increased global demand and support
"For more than three decades, ABC has been at the forefront of scientific innovation and biologics manufacturing," said Azita Saleki-Gerhardt, Ph.D., executive vice president and chief operations officer, AbbVie. "This investment will further expand AbbVie's biologics manufacturing capacity and position ABC to build upon its impressive track record of developing, manufacturing and launching next-generation complex biologic medicines that improve the lives of millions of patients worldwide."
With a presence in all 50 states and
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, oncology, neuroscience and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter) and YouTube.
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Media:
Gabby Tarbert |
Investors: Liz Shea (847) 935-2211 |
View original content:https://www.prnewswire.com/news-releases/abbvie-begins-construction-on-70-million-expansion-to-further-increase-biologics-manufacturing-and-rd-presence-in-the-us-302571294.html
SOURCE AbbVie
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