Roche's Genentech more than doubles investment in North Carolina facility to about $2 billion

Original from: Reuters

Roche's (ROG.S), opens new tab Genentech said on Tuesday it will more than double its initial investment in a biomanufacturing facility in North Carolina to about $2 billion, as the companies look to further boost their $50 billion investment in the U.S.

The facility, based in Holly Springs, North Carolina is set to be operational by 2029 and will produce next-generation treatments for metabolic conditions, such as obesity.

The investment is expected to support more than 2,000 jobs, which includes 500 high-wage manufacturing jobs and 1,500 construction jobs, Genentech said, adding that the expansion will further raise production volumes and scale manufacturing capacity within the facility.

In May last year, Genentech invested over $700 million in the North Carolina facility, as it looked to expand its presence in the United States amid President Donald Trump's push for pharma companies to onshore domestic manufacturing to the U.S.

Source: Roche's Genentech more than doubles investment in North Carolina facility to about $2 billion