Benzinga - by Vandana Singh, Benzinga Editor.
Healthcare giants Pfizer Inc (NASDAQ:PFE) and AstraZeneca Plc (NASDAQ:AZN) have investments in France, collectively totaling around $1 billion, bolstering the country’s healthcare sector.
Pfizer revealed plans to inject 500 million euros into expanding its research and development capabilities within France, while AstraZeneca disclosed a $388 million investment earmarked for its Dunkirk site.
French president Emmanuel Macron’s upcoming ‘Choose France’ business summit receives a promising prelude with these substantial investment pledges. Set against the backdrop of economic revitalization efforts, these commitments align with Macron’s agenda to attract foreign businesses and stimulate investment in France.
Morgan Stanley (NYSE:MS) disclosed intentions to create 100 new positions in Paris, signaling a vote of confidence in the city’s financial ecosystem, Reuters highlighted.
Additionally, notable investments from companies like German aviation firm Lilium underscore Paris’ evolving role in the global business landscape.
Separately, Sanofi SA (NASDAQ:SNY) has an investment of more than €1 billion to create new bioproduction capacity at its sites in Vitry-sur-Seine (Val de Marne), Le Trait (Seine-Maritime) and Lyon Gerland (Rhône).
This new investment will create more than 500 jobs and significantly strengthen France’s ability to control the production of essential medicines from start to finish.
This plan brings to more than €3.5 billion, the amount committed by Sanofi since the COVID-19 pandemic in major projects to keep production of medicines and vaccines in France.
“Sanofi’s contribution to France’s trade balance amounted to more than €13 billion in 2023,” the company said.
Price Action: SNY shares are up 1.72% at $50.13, PFE stock is up 2% at $28.57, and AZN shares are up 0.23% at $77.36 at last check Monday.
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