Australian government to fund CSL's (ASX:CSL) manufacture of covid vaccine

Company News

by Anna Napoli

The Commonwealth government will provide funding to CSL (ASX:CSL) to enable it to expand Australia’s COVID-19 vaccine manufacturing readiness.

The health giant has signed a “heads of agreement with the federal government to manufacture 30 million doses of the Oxford University and AstraZeneca vaccine, which is currently the world’s most advanced undergoing phase three trials.

The company said, while there are still a number of milestones to be met, it is hopeful that by next year it be in the fortunate position of having a vaccine candidate to support Australia and the world’s emergence from this crisis.

This funding will be used to establish at-risk components required to produce the commercial manufacture of a vector-based COVID19 vaccine

CSL has also struck another Heads of Agreement with the federal government to manufacture 50 million doses of a separate vaccine it has been developing with University of Queensland since January and which is currently undergoing phase one trials.

Shares in CSL (ASX:CSL) are trading 0.91 per cent higher at $281.60.