Brazil to Fund Local Drugmaker's Expansion

The Brazilian state investment bank, the BNDES, has announced that it is to finance the development and active ingredients production expansion programme of local drugmaker Nortec Química. The funding represents about 88% of the likely costs of the growth drive, which total some BRL6.8mn (US$2.58mn).

Rio de Janeiro state-based Nortec is a privately held Brazilian drug producer, which will now target production of 31 new products in the anti-viral, anaesthetic, decongestant and other therapeutic areas. The funding stream follows the BNDES' Profarma initiative, which counts encouraging cooperation between local drug producers as among its aims, as well as a BRL30mn (US$10.7mn) low-interest loan awarded to local generics producer Biosintética in December.