Last night, UCB announced that they'll invest in a US manufacturing plant for biologics and expand their CMO network.Following in the slipstream of other pharma names incl Roche, Novartis, Eli Lilly, & J&J, UCB expands its US production capabilities to have a stronger local manufacturing presence (remember that some US drugs are supplied through ex-US CMOs) which we view as a strategic move in light of recent tariff threats made by the US administration.We'll gather more feedback on these plans next week during our pre-closing call to be able to more accurately assess valuation impact.
