Thermo Fisher Invests $160M to Expand Bioproduction Capacity - Thermo Fisher Scientific (NYSE:TMO)

Thermo Fisher Scientific Inc TMO opened a new biomanufacturing facility in Chelmsford, Massachusetts.
The $160 million, 85,000-square-foot facility will help meet the growing demand for the biologic materials needed to produce vaccines and breakthrough therapies for cancer and other diseases.
This new site is part of Thermo Fisher’s $650 million multi-year investment to expand its bioprocessing production capabilities.
Related: Thermo Fisher Scientific Clocks 13% Organic Sales Growth, Over $600M In COVID Testing Sales.
The technologies produced at the Chelmsford site are used in the purification process of developing biotherapeutics and vaccines.
When fully staffed, the Chelmsford site will employ up to 250 people across manufacturing, engineering, procurement, quality, warehousing, site leadership, and more.
The new site is part of Thermo Fisher’s global bioprocessing supply network that spans 100 countries.
Last week, the U.S. Department of Health and Human Services (HHS) laid out actions that include regulatory support for advanced manufacturing technologies and investments in drug production infrastructure.
In collaboration with the Department of Defense (DoD), HHS will invest $1 billion in bio-industrial domestic manufacturing infrastructure over five years.
Price Action: TMO shares are down 1.18% at $533.28 on the last check Tuesday.