Benzinga | Mar 31, 2021 11:57AM EDT

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.