Shares in Melbourne-based biotech manufacturer CSL have passed the symbolic $100 mark.
As the Australian reports, CSL is the first Australian company to pass the milestone since the global financial crisis. The stock value of $100.77 (at close yesterday) means the shares have risen 54 per cent in the past year.
According to the AFR, the biotech field is characterised by high barriers to entry and therefore has only a small number of big players. Most analysts say good management is one of the main reasons behind the success of the maker of vaccines and blood plasma products.
On top of that, CSL filed its haemophilia A product in the US in the last few days and has reached some R&D milestones.
And the company has also received regulatory approval for its acquisition of Novartis’ influenza vaccine business.
The deal, which was announced last October, will see Novartis’ influenza vaccine business combined with CSL’s subsidiary, bioCSL to create the second largest vaccine company in the global influenza industry.
It will have manufacturing plants in the US, UK, Germany and Australia; and have strong pre-pandemic and pandemic capabilities.
The SMH reports that CSL's market value is now just under $47 billion. This is above the values of other large Australian corporations such as Woolworths, Wesfarmers and Woodside Petroleum.