The decision would mean Aegros would move its global headquarters from Sydney to the new site, Treasurer Cameron Dick said.

The company has received an unspecified amount of funding from the Government’s $520 million Invested in Queensland program.

While the company still needs to get its approvals and financing, Dick said the two-year construction of the facility would create about 230 jobs. Longer term there would be about 348 jobs at the facility, which would develop and manufacture blood products.

Dick said the Springfield project would be able to process about 1 million litres of plasma a year and there was a $19 billion global market for therapeutic blood products.

“Australia imports almost half of the essential plasma and blood products used to develop biopharmaceuticals, so this new facility will position Aegros to mee the needs of the domestic market,” he said.

The plasma goes through a process of fractionation in which proteins are separated, purified and concentrated.

Aegros executive chair Professor Hari Nair said the development of the company’s process was a 30-year journey for him and his business partner John Manusu.

“The global and Australian market for safe secure and affordable therapeutic plasma and blood products is only increasing,” he said.

“Coupled with Aegros’s significant R&D capability, in collaboration with Queensland’s medical community and universities we are looking to develop new plasma therapies to address diseases with unmet therapeutic needs.

“In this way Aegros is also proud to be able to contribute to the country’s future pandemic preparedness.”