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.
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