Benzinga | Sep 30, 2021 09:16AM EDT

Why Moderna Is Investing In A New Science Center

Moderna, Inc. (NASDAQ:MRNA), which made a windfall with its COVID-19 vaccine program, is plowing back some of the largesse into R&D.

What Happened: Moderna announced Thursday it's investing in a new science center, known as the Moderna Science Center, at 325 Binney Street in Cambridge, Massachusetts.

The facility is touted to be environmentally sustainable and digitally enabled, occupying an area of 462,000 square feet. The company said the investment will go toward creating a purpose-built space to support its next chapter of discovery.

"As we advance our mRNA platform and science, our new science center will integrate digital-first scientific research and development labs along with space for innovation and co-creation with our people and our partners around the world," said St?phane Bancel, CEO of Moderna.

Related Link: Is Moderna's COVID-19 Booster Shot Moving Closer To Authorization?

Moderna said it has selected long-time partner Alexandria Real Estate Equities, Inc. (NYSE:ARE) to develop, construct and operate its new headquarters on the Alexandria Center at One Kendall Square campus.

Jones Lang LaSalle Incorporated (NYSE:JLL) represented Moderna in the search for its sustainable, innovative science center.

Construction at the location has begun, with the company planning to begin a phased move-in process in 2023.

Why It's Important: With the COVID-19 program coming to fruition, the company's focus now turns to its broad pipeline of mRNA medicines.

With several candidates in development for infectious diseases, oncology, cardiovascular diseases and rare diseases, the company boasts a pipeline with 37 programs in development across 34 development candidates.

In premarket trading, Moderna shares were up 0.95% at $382.50.