James Bradner, Novartis AG (NYSE:NVS) Novartis Institutes for BioMedical Research President, has recently confirmed that the company will move the Novartis Institute for Tropical Diseases (NITD) to California from Singapore next year as part of his broader global strategic plan for Novartis.
NITD Relocation
The relocation of NITD will place it next to Novartis Institute for Biomedical Research (NIBR) facility focusing on infectious diseases.
While Bradner dubbed it as a difficult decision to make, he believes that it will best benefit the company’s research and development (R&D) initiatives.
“Moving the NITD is really intended to empower the research through the strength of collaborative proximity,” he explained.
The NITD is the result of a public-private partnership (PPP) between the pharmaceutical giant and the Singapore Economic Development Board (EDB), which was sealed in 2002. The facility is responsible for the discovery of two new malaria treatments that are now under ongoing clinical development programs.
Novartis Singapore
NITD currently houses nearly 90 employees. Christopher Snook, Novartis Singapore President, has guaranteed that the company will help them secure positions at the relocated facility or within Novartis Singapore. The Singapore EDB is also working closely with Novartis Singapore to ensure smooth transitions for the affected employees.
Snook has also reiterated the company’s commitment in Singapore as one of its key markets. Novartis will continue working on its Singapore expansion just like how it has done in the past couple of years.
By far, the company has already invested more than $1.20 billion in Singapore with more than 1,500 employees presently on board.
Biotherapeutic Research Facilities
Novartis has also revealed recently that it will put up two Centers of Excellence for biotherapeutic research in Basel, Switzerland and Cambridge, Massachusetts, shutting down a facility in Switzerland and cutting about 70 jobs.
The initiative will lead to the creation of the Chemical Biology and Therapeutics (CBT) team from two existing drug discovery teams. Accordingly, the new team will focus on the use of cutting-edge technologies in discovering and developing drugs.
Novartis has closed Wednesday’s session at $79.13, up by 0.34%.