- Paragon Care (PGC) has signed a partnership with Centuria Healthcare for a 15-year lease of Melbourne’s state-of-the-art medical facilities.
- Located in the Monash district, this property features clean room facilities, a laboratory and an office complex.
- According to the company, this space will expand the laboratory that manufactures Immulab’s world-leading blood reagent products.
- The long-term lease will increase the company’s Victorian rental costs from $ 1.4 million to approximately $ 1.8 million.
- Paragon Care’s share price has risen 3.6% and is trading at 1:00 pm AEDT for 29 cents.
Paragon Care (PGC) has partnered with Centuria Healthcare for a 15-year lease of state-of-the-art medical facilities in Melbourne.
Located in the Monash district of Victoria’s capital, this property features clean room facilities, laboratories and an office complex.
Centuria will own the space in December and will fund the facility upgrade with work scheduled to be completed in April 2022. The Paragon will then occupy the property in December 2022.
Paragon said the facility will expand Immulab’s world-leading laboratory for manufacturing blood reagent products to meet future demand in Asia at a fraction of the cost.
With Paragon leasing with Centuria for 15 years, the company will need to consolidate all Victorian operations over the next 12 to 18 months.
Due to this move, Paragon’s statement of financial position is expected to have an additional lease liability of approximately $ 20 million due to the nature of long-term leases.
Once the rationalization program is complete, the company’s Victorian rental costs will increase from $ 1.4 million to approximately $ 1.8 million.
Phil Nicholl, CEO of Paragon, said the facility is important for global expansion.
“This strategic partnership with Centuria Healthcare is an important event for Paragon Care. We will establish state-of-the-art laboratories and manufacturing facilities to more than double the production capacity of world-leading blood reagent products. It is expanding into major Asian markets, including China, Thailand and Vietnam. “
Paragon Care’s share price has risen 3.6% and is trading at 29 cents at 1:00 pm AEDT.
Paragon Care (ASX: PGC) signs partnership with Centuria Healthcare – Healthcare Facility – The Market Herald
Source link Paragon Care (ASX: PGC) signs partnership with Centuria Healthcare – Healthcare Facility – The Market Herald