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Genentech to Sell Plant

The company reaches a deal with Lonza.

Biotech giant



has entered a manufacturing agreement with Swiss drug company

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for its blockbuster cancer treatment Avastin.

Under the agreement, Lonza will purchase Genentech's manufacturing facility in Porrino, Spain, for $150 million. Lonza will retain the plant's 310 employees and continue to produce Avastin for Genentech at the location.

At the same time, certain Genentech products will be manufactured at a Lonza facility currently under construction in Singapore. Genentech will also have an exclusive option to buy the Lonza facility in Singapore.

Genentech's shares added 2.1% to $83.95.