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Novartis could invest 600 mln euros in Italy-paper

Fri Sep 7, 2007 2:43am EDT

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MILAN, Sept 7 (Reuters) - Swiss drug maker Novartis (NOVN.VX) is ready to invest up to 600 million euros ($820 million) in Italy, concentrated at its vaccine site in Siena, an Italian newspaper reported on Friday.

The amount comprises up to 100 million euros for research and about 500 million euros for a new meningitis vaccine production unit, Italian daily Il Sole 24 Ore said.

Novartis chief executive Daniel Vasella told the newspaper the company was ready for new investments in Italy.

"We hope that there will be real improvements in the pharmaceutical industry picture so that we can move forward to the next phase," he said in an interview.

The paper said Vasella had met Italian Prime Minister Romano Prodi in Rome. Some drug companies have complained about cuts in Italian drugs prices and a poor investment climate.

((Reporting by Ian Simpson; editing by Greg Mahlich; e-mail: sven-markus.egenter@reuters.com Reuters Messaging: sven-markus.egenter.reuters.com@reuters.net telephone: +41 44 631 7351))

($1=.7318 Euros) Keywords: NOVARTIS ITALY/

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