The research and development hub will be based in Victoria at a location yet to be decided, and serve as the headquarters for the company's operations in Australia, Southeast Asia and Oceania.
Construction will start by the end of 2022 and production is expected from 2024.
Prime Minister Scott Morrison will on Thursday announce the deal - a collaboration between the federal and Victorian governments and Moderna.
He says it is a "shot in the arm" to protect Australians from future pandemics.
"This will be the first mRNA production facility in the southern hemisphere, and will ensure Australians have quick and easy access to these lifesaving vaccines," he said.
The facility will focus on treatments for respiratory illnesses including COVID-19, seasonal flu, respiratory syncytial virus (RSV), and other potential respiratory viruses.
It will produce 100 million Australian-made mRNA doses every year and is expected to create hundreds of jobs in the construction and running of the facility.
Health Minister Greg Hunt says the hub will allow Australians to access cutting-edge vaccine technology into the future.
LATEST 24-HOUR COVID-19 DATA FROM ACROSS AUSTRALIA:
NSW: 24,803 cases, eight deaths, 1180 in hospital
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