BioVectra Secures $37.5 Million from Strategic Innovation Fund
The east coast is up to something big.
BioVectra has announced a new five-year, $144.6 million expansion project anchored by a $37.5 million investment from Canada’s Strategic Innovation Fund (SIF). That amount is the largest SIF investment for an Atlantic Canada company. BioVectra has two locations: one in Charlottetown, PEI, and another in Windsor, Nova Scotia.
Prime Minister Justin Trudeau was on-hand at BioVectra’s Charlottetown location to announce the SIF funding, describing how the new investment will go towards the company’s ongoing pharmaceutical ingredient production, as well as expanded biologics capabilities at the Windsor location, including a new mammalian cell culture facility.
“Thanks to innovations in life sciences, Canadians are living longer, healthier lives than ever before,” said Trudeau. “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 project will create 150 new jobs—110 in Windsor and 40 in Charlottetown. BioVectra works with some of the largest pharmaceutical companies in the world to develop new drugs and research advances in complex chemistry.
“This is an extremely proud day for BioVectra, and we are deeply appreciative of the government’s support,” said the president of BioVectra Oliver Technow. “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.”
A large part of the investment will also go towards forming new collaborations with Canadian academic institutions. New internships and on-the-job training opportunities will provide support for 25 students each year.
