By Mauro Orru 
 

Merck KGaA (MRK.XE) will invest 250 million euros ($275.5 million) to deliver a new facility in Switzerland for biotech development and manufacturing for clinical studies, the company said Monday.

The Germany pharmaceuticals and chemicals company said construction of the new facility in Corsier-sur-Vevey is expected to be completed in 2021 and enter service by the end of 2022.

"Our investment in this biotech-development facility in Switzerland is strongly related to the growth and progression of our health-care pipeline, and our confidence in its future potential," said Belen Garijo, member of the Merck executive board and CEO for health care.

Merck added that the new facility would consist of a building with 15,700 square meters of development space.

The facility will house roughly 250 employees.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

January 27, 2020 09:03 ET (14:03 GMT)

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