CAMBRIDGE, Mass., Oct. 27 /PRNewswire/ -- Novartis announced today that it will add 300 new jobs and invest $600 million over the next five years to expand its global Research headquarters campus on Massachusetts Avenue in Cambridge, Mass.
"Novartis was the first global pharmaceutical company to move its Research headquarters to Massachusetts just a few years ago. It has achieved prominence and, we believe, helped to amplify Cambridge's magnetism for others in the biomedical field to follow," said Mark Fishman, President of the Novartis Institutes for BioMedical Research. "Our scientists and physicians here already have discovered a host of new medicines, and established fruitful collaborations with academic, clinical, and biotech institutions. The constellation of talent and environment are unmatched. We look forward to the next wave of new medicines coming from this center."
The company plans to expand its current Massachusetts Avenue campus, adjacent to MIT, by more than 400,000 square feet, including laboratory, office and retail space. Construction is expected to begin in 2011.
"Novartis' commitment to expand and create more jobs in Massachusetts is an affirmation of the Commonwealth's international leadership and investments in the life sciences," said Governor Deval Patrick. "As one of the key drivers of our innovation economy, Novartis' new plan to create jobs and invest in Massachusetts offers proof that businesses are growing here and our economy is on the move."
The new campus will be built on a four-acre parcel that Novartis is leasing from MIT under an expanded agreement originally signed in 2009.
"Novartis is a life sciences leader and exemplary corporate citizen in Cambridge," said Cambridge Mayor David Maher. "This is a global company that acts locally through a wide variety of programs in our community. Their decision to grow here is great news for Cambridge and a testament to the dynamic life sciences climate here."
Since 2002 Novartis has steadily grown its operations in Cambridge. Today the company employs more than 2,000 associates and occupies more than 1 million square feet of laboratory and office space -- making it the city's largest corporate employer. The company's operations in Cambridge include the global headquarters for the Novartis Institutes for BioMedical Research; Novartis Molecular Diagnostics, a dedicated business unit focused on developing tests to advance patient tailored treatment; Novartis Vaccines and Diagnostics, a division focused on providing vaccines and diagnostic tools to prevent diseases and protect societies worldwide, and the U.S. office of the Novartis Venture Funds.
The foregoing release contains forward-looking statements that can be identified by terminology such as "to expand," "will," "expected," "look forward to," "plans," "commitment," or similar expressions, or by express or implied discussions regarding potential future approvals of new medicines developed or to be developed by the Novartis Institutes for BioMedical Research, or regarding potential future revenues from such medicines. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that any new medicines developed or to be developed by the Novartis Institutes for BioMedical Research will be submitted or approved for sale in any market. Nor can there be any guarantee that any such medicines will achieve any particular levels of revenue in the future. In particular, management's expectations regarding these medicines could be affected by, among other things, unexpected research and developed difficulties or delays; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; unexpected regulatory actions or delays or government regulation generally; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection; the impact that the foregoing factors could have on the values attributed to the Novartis Group's assets and liabilities as recorded in the Group's consolidated balance sheet, and other risks and factors referred to in Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Novartis provides healthcare solutions that address the evolving needs of patients and societies. Focused solely on healthcare, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic pharmaceuticals, preventive vaccines, diagnostic tools and consumer health products. Novartis is the only company with leading positions in these areas. In 2009, the Group's continuing operations achieved net sales of USD 44.3 billion, while approximately USD 7.5 billion was invested in R&D activities throughout the Group. Headquartered in Basel, Switzerland, Novartis Group companies employ approximately 100,000 full-time-equivalent associates and operate in more than 140 countries around the world. For more information, please visit http://www.novartis.com.
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