BioVectra Inc. announced a five-year US$144.6 million expansion project to enhance its Biopharmaceutical capabilities in Charlottetown, Prince Edward Island and Windsor, Nova Scotia.
BioVectra creates new jobs as part of the expansion besides producing lifesaving treatments for serious illness that affect millions of people.
Nearly 150 high-skilled, full-time jobs are expected to be created over the project's five-year lifespan.
The project is projected to support BioVectra's on-going Active Pharmaceutical Ingredients (APIs) production capacity expansion as well as an expansion of its Biologics capabilities, including a mammalian cell culture facility.
The expansion project is designed to help people in the biologics field, where many therapies are advancing rapidly, and changing the way healthcare is delivered.
In addition, Prime Minister, Justin Trudeau, visited BioVectra in Charlottetown to announce a US$37.5 million contribution from the Government of Canada through the Strategic Innovation Fund (SIF).
The contribution represents the single largest SIF project ever awarded in Atlantic Canada.
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.