The CSL Limited (ASX: CSL) share price is falling on Wednesday.
In morning trade, the biotherapeutics giant's shares are down 1.5% to $251.94.
Why is the CSL share price falling?
Investors have been selling the company's shares today after broad market weakness offset the release of some potentially positive news.
At the time of writing, the ASX 200 index is down 0.25% following a very poor night of trade on Wall Street.
What did CSL announce?
Overnight, CSL announced a deal between its CSL Seqirus business and the UK government.
According to the release, CSL Seqirus will develop and supply pandemic influenza vaccines in the event of an influenza pandemic.
Under the terms of the agreement, should an influenza pandemic be declared, the UK government would have the option to purchase more than 100 million doses of pandemic vaccines from the CSL Seqirus manufacturing plant in Liverpool in a rapid timeframe.
CSL Seqirus' global executive director for pandemic, Marc Lacey, commented:
CSL Seqirus is a global leader in pandemic influenza preparedness, and we're pleased the UK government will continue to partner with us in preparing to provide protection against the potential of a flu pandemic. This agreement will help to ensure the UK maintains robust preparedness and rapid response capabilities for this potential future threat.
Lorna Meldrum from CSL Seqirus added:
CSL Seqirus has been an active and reliable partner to the UK across pandemic influenza vaccines for many years. We are proud to play a continued part in ensuring ever higher levels of influenza preparedness in the UK and globally.
No financial terms were disclosed for the deal.
While this is good news for the company, let's hope that CSL Seqirus won't be needed!