UPDATE 1-Novartis to build $700m biotech plant in Singapore

(Updates with details, government comment)

SINGAPORE, Oct 29 (Reuters) - Swiss pharmaceuticals group Novartis AG (NOVN.VX) said on Monday it will build a $700 million cell culture plant in Singapore to support its growing biopharmaceutical business.

Construction of the cell culture plant will begin early next year and be completed by the end of 2012, Novartis said. The plant will employ around 300 people.

The Swiss firm made the announcement at the opening of a $180 million tablet manufacturing facility in the city-state, which is trying to boost its biomedical industry.

Singapore Trade and Industry Minister Lim Hng Kiang said the Novartis cell culture plant will be the city-state's fifth commercial-scale plant for biological-based products such as vaccines and cells for gene therapy.

Singapore produced S$23.0 billion ($15.84 billion) worth of biomedical products last year, up 30 percent from 2005, according to Lim.

((Reporting by Kevin Lim and Jan Dahinten, editing by Neil Chatterjee; kevin.lim@reuters.com; Reuters Messaging: kevin.lim.reuters.com@reuters.net; +65 6403 5663))

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