Sanofi announced on Monday an additional investment of EUR1.1 billion in drug production in France.

This additional contribution comes on top of the 2.5 billion euros already committed to the investment plan deployed by Sanofi to finance its major drug and vaccine production projects in France, explains the group in a press release.

In particular, this investment is aimed at building a new plant at the Vitry-sur-Seine (Val de Marne) site to double the monoclonal antibody production capacity on site.

The Group is also announcing the creation of over 500 new jobs.

"By 2023, thanks to this industrial footprint, Sanofi's contribution to France's balance of trade will have amounted to more than €13 billion," said Sanofi CEO Paul Hudson.

The announcement comes ahead of the opening of the 2024 edition of the Choose France summit, which will result in more than 15 billion euros of investment pledges in the country, for a total of 56 projects, the Elysée announced on Monday.

(Written by Lina Golovnya, edited by Kate Entringer)