- Paragon Care (PGC) has entered into a partnership with Centuria Healthcare for the 15-year lease of a state-of-the-art healthcare facility in Melbourne
- Located in the Monash precinct, the property features clean room facilities, laboratories and an office complex
- The company says the space will expand its laboratories that manufacture Immulab’s world-leading blood reagent products
- The long-term lease will result in an increase of the company’s Victorian rental expenses from $1.4 million to around $1.8 million
- Paragon Care shares are up 3.6 per cent, trading at 29 cents at 1:00 pm AEDT
Paragon Care (PGC) has entered into a partnership with Centuria Healthcare for the 15-year lease of a state-of-the-art healthcare facility in Melbourne.
Located in the Victorian capital’s Monash precinct, the property features clean room facilities, laboratories and an office complex.
Centuria will take possession of the space in December and will fund the facility upgrades with work expected to be finished in April 2022. Paragon will then occupy the property in December 2022.
Paragon said the facility will enable it to expand its laboratories that manufacture Immulab’s world-leading blood reagent products, meeting future demands in Asia at little cost.
Paragon’s lease of 15 years with Centuria requires the company to consolidate all of its Victorian operations over the next 12 to 18 months.
This move will see an expected additional lease liability on Paragon’s statement of financial position of around $20 million due to the leases long-term nature.
Completion of its rationalisation program will result in an increase of the company’s Victorian rental expenses from $1.4 million to around $1.8 million.
Paragon CEO Phil Nicholl says the facility is key in terms of expanding globally.
“This strategic partnership with Centuria Healthcare is a significant event for Paragon Care, as we establish state-of-the-art laboratory and manufacturing facilities which will enable us to more than double our manufacturing capabilities of our world leading blood reagent products as we start expanding into key Asian markets including China, Thailand and Vietnam,” he said.
Paragon Care shares are up 3.6 per cent, trading at 29 cents at 1:00 pm AEDT.