AbbVie Launches $70M Expansion in Worcester, Stock Surges 6%
Pharmaceutical giant AbbVie has kicked off a $70 million expansion of its Bioresearch Center in Worcester, Massachusetts. The project, which began construction recently, aims to boost research and manufacturing capabilities for biologics. Meanwhile, AbbVie's stock surged by nearly 6%, outperforming the broader stock market today.
The expansion involves enlarging current manufacturing spaces and erecting a three-story building to house warehouse, office, and laboratory facilities. AbbVie's COO, Azita Saleki-Gerhardt, expressed that the project aligns with the company's mission to advance biologics and build on its record in developing complex medicines.
In a related development, Pfizer's CEO, Albert Bourla, agreed to lower drug prices for the Medicaid program and received a tariff break in exchange for increased U.S. investment. This move may have eased market concerns about pharmaceutical pricing and tariffs, contributing to AbbVie's stock rise. AbbVie's stock price climbed by $12.84, reaching $244.38 per share on Wednesday.
AbbVie's expansion in Worcester, along with positive industry developments like Pfizer's agreement, has bolstered investor confidence. The company's stock price has responded positively, with a significant increase of nearly 6% on the stock market today.
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