Canadian Government, Sanofi To Build C$925M Flu Vaccine Facility In Toronto

Sanofi SA (NASDAQ: SNY) is dropping a major investment into its supply chain by shelling C$925 million to build a new manufacturing facility in Toronto.
The new facility will be operational by 2026 and provide additional antigen and filling capacity for Fluzone, a high-dose flu vaccine.
In partnership with the Governments of Canada, Ontario, and the City of Toronto, the new facility will enhance influenza pandemic preparedness efforts and vaccine manufacturing capacity.
The federal government will invest C$415 million in the project, and the provincial government C$55 million. Sanofi has also promised at least $79 million a year to fund research and development.
Sanofi will invest more than C$455 million and create 165 new jobs in Canada and maintain another 1,100 others.
The facility will help increase the supply of Fluzone in Canada, the U.S., and Europe.
Price Action: SNY shares are up 0.51% at $49.36 in market trading hours on the last check Wednesday.