BioVectra Inc. Announces a $144.6 Million Expansion Project, Including a $37.5 Million Contribution Through the Government of Canada’s Strategic Innovation Fund
Prime Minister Justin Trudeau visits BioVectra to announce Government of Canada investment in Atlantic Canadian CDMO and high-skilled jobs creation in the region
CHARLOTTETOWN, Prince Edward Island--(BUSINESS WIRE)-- Today, BioVectra Inc., an Atlantic Canadian Contract Development and Manufacturing Organization (CDMO), announced a five-year, $144.6 million (CAD) expansion project to enhance its Biopharmaceutical capabilities in both Charlottetown, Prince Edward Island and Windsor, Nova Scotia.
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Prime Minister, Justin Trudeau, visited BioVectra in Charlottetown to announce a $37.5 million contribution from the Government of Canada through the Strategic Innovation Fund (SIF). The $37.5 million contribution represents the single largest SIF Project ever awarded in Atlantic Canada.
“Thanks to innovations in life sciences, Canadians are living longer, healthier lives than ever before. Canadian companies like BioVectra are creating new jobs and establishing themselves as global leaders in producing lifesaving treatments for serious illnesses that affect millions of people around the world. Today, we are not only investing in an innovative Canadian business, but also in Canadians and the future prosperity of our country.” – The Rt. Hon. Justin Trudeau, Prime Minister of Canada
More specifically, the project is intended to support BioVectra’s on-going Active Pharmaceutical Ingredients (APIs) production capacity expansion in Charlottetown, as well as an expansion of its Biologics capabilities in Windsor, including a mammalian cell culture facility.
Over the project’s five-year lifespan, 150 high-skilled, full-time jobs are expected to be created on Prince Edward Island and in Nova Scotia. “We are pleased to announce plans to create 150 additional jobs, 110 to be located at our Windsor site and 40 in Charlottetown,” said BioVectra President, Oliver Technow. “This is an extremely proud day for BioVectra, and we are deeply appreciative of the government’s support. Since 2015, we have invested approximately $25 million per year in expansions and technologies that have vastly enhanced our capabilities. Today’s announcement is a continuation of our commitment to growth right here in Atlantic Canada!”
As a trusted and innovative partner, BioVectra’s global client base includes most of the top 20 biopharmaceutical companies in the world. “Our clients develop important, life-saving medicines for people all around the globe,” said BioVectra’s Windsor General Manager, Heather Delage. “This exciting expansion project is designed to help propel us toward being a top-tier player in the biologics field, where many therapies are advancing rapidly, and changing the way healthcare is delivered."
Beyond these expansion plans, BioVectra intends to complement its existing academic partnerships by forming additional collaborations with Canadian academic institutions. This investment includes reinforcing its future talent base by providing over 25 students with on-the-job training and internship opportunities on an annual basis.
BioVectra is a CDMO that serves global pharmaceutical and biotech companies with full-service cGMP outsourcing solutions for intermediates and active pharmaceutical ingredients. An innovative and reliable service partner with a strong regulatory history, BioVectra has over 45 years of experience specializing in:
- cGMP Microbial Fermentation
- Complex Chemistry – High Potency APIs
- Formulation Development
For more information about BioVectra, please visit www.biovectra.com.
Statements in this document that are not strictly historical, including statements regarding future business prospects, use of capital or the impact of any such events or developments, and any other statements regarding events or developments the company believes or anticipates will or may occur in the future, may be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. The forward-looking statements made herein speak only as of the date hereof and the company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.
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