A new blood manufacturing plant will create 200 construction jobs and 190 permanent positions in Melbourne.
CSL Behring's $210 million expansion of its Broadmeadows manufacturing plant means it will be able to produce albumin, a protein in human plasma.
Chief executive Paul Perreault said albumin was made in the US, Germany and Switzerland, and now Melbourne was part of the supply chain.
"The investment will generate significant economic returns for Victoria and further strengthen the role of the Broadmeadows site in our global manufacturing network," Mr Perreault said on Wednesday.
He said the plasma used at the site was donated by Australians and was turned into life-saving medications for Australians.
Victorian Premier Denis Napthine said construction would create 200 jobs, but more importantly, the new plant would create 190 ongoing skilled positions.
"These are highly skilled, highly trained, biotechnology jobs," Dr Napthine told reporters.
Construction of the first stage will start this year and is due to be complete by 2020 with the second stage finished in 2021.
Albumin is used to restore blood volume in people after trauma or major surgery, or to support patients with extensive burns or serious infections.
CSL estimated the exports at full capacity to be worth up to $US600 million ($A649 million).