Key Takeaways
- Skanska AB signed a $116 million contract with the University of Virginia for a biotechnology institute.
- The project is set to be completed by the fourth quarter of 2027.
- The facility will support 100 to 150 researchers and biotechnology companies.
Construction of the Biotechnology Institute
Skanska AB, a leading Swedish construction and project development firm, has announced a new contract worth $116 million, approximately 1.2 billion Swedish Krona, with the University of Virginia. This agreement pertains to the construction of the Paul and Diane Manning Institute of Biotechnology, located at the Fontaine Research Park in Charlottesville.
Construction on the facility commenced in December 2023 and is expected to reach completion by the fourth quarter of 2027. The financial details will contribute to U.S. order bookings in the third quarter of 2025.
The new institute will span five stories and total 33,000 square meters (or 354,000 square feet). It is designed to be the Commonwealth’s inaugural translational research program, equipped with modular and multi-use laboratories alongside core facilities. The space is intended for the collaborative work of 100 to 150 researchers as well as biotechnology companies, fostering innovation in the field.
As of the last trading session on Friday, Skanska’s shares experienced a drop of 0.99%, closing at SEK 241 on the Stockholm Stock Exchange.
The content above is a summary. For more details, see the source article.