Global biotechnology leader CSL (ASX:CSL) today announced that Seqirus, a wholly owned subsidiary of CSL, plans to invest more than $800 million in the construction of a new biotech manufacturing facility in Melbourne.
The plan is to supply influenza vaccines to Australia and the rest of the world.
This investment decision follows the agreement with the Australian Government for the supply over 10 years of influenza pandemic protection for the Australian population, antivenoms for Australian snakes, spiders and marine creatures and Q-Fever vaccine.
Construction of the state-of-the-art plant is expected to start in 2021 with the facility projected to be operational by mid-2026.
Shares in CSL (ASX:CSL) are trading 1.79 per cent higher at $315.