** Jefferies says Australia's CSL CSL.AX sees its new agreement with Switzerland-based Memo Therapeutics as "evidence" that the biotech major is now focusing on development by buying assets into its pipeline

** Memo on Monday said it entered into a collaboration and option agreement with CSL for development of recombinant polyclonal IgG technology, a method used to clone antibodies

** Jefferies notes CSL is looking to reenergise its research function in the longer term; however, flags it will likely take time, given the nature of R&D

** Brokerage adds Memo deal could help with CSL's product growth in the medium term, following co's VarmX deal last year

** CSL up 4.5% so far this year, as of last close

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))