April 14th, 2020
The Australian newspaper digested the ASX announcement of CSL late last week and detailed how the company, which recently has overtaken CBA as the largest cap stock on the ASX, has rapidly adapted its R&D Effort in response to the COVID-19 situation.
The article reports:
- The health challenges presented by COVID-19 have led to delays in the ability to conduct clinical trials and to progress candidates within the company’s existing pipeline;
- CSL remains on track to invest 10% of its annual turnover on R&D Activity, and has redeployed resources into projects focused on the COVID-19 situation;
- CSL has embarked on a partnership with Takeda and SAB Biotherapeutics to accelerate two immunotherapy treatments focused on treating patients experiencing serious COVID-19 complications by harnessing antibodies;
- CSL has also lent expertise to researchers at the University of Queensland who are currently among the first researchers globally undertaking the development of a COVID-19 vaccine.
CSL remains one of the largest spenders on R&D Activity in Australia and has consistently declared that stable R&D Tax Incentives are critical to providing an environment to support and encourage business investment in R&D Activity.