245M$ Investment by Medicago in Québec City

245M$ Investment by Medicago in Québec City

Quebec City (Quebec) 20 May 2015 – The three levels of government, Federal, Provincial and Municipal, stood together yesterday to announce the good news that a drug company, Medicago, will be expanding its operations in Quebec City. In all, the company, which produces vaccines for various maladies, will be investing $245 million in a vaccine producing plant that at the same time should create 200 new jobs for the region. The new facility should be operational by mid-2019.

The Federal government is contributing $60 million to help set-up the infrastructure, the provincial support includes $8 million and the city is contributing the land at a value of $6.5 million.

Medicago manufactures vaccines derived from plants and the new installations will include a plant growing facility together with a transformation laboratory. Some of its vaccines have been used for anti- flu campaigns such as we have seen in recent years and its main superior advantage is their ability to produce vaccines rapidly. They are also working on an Ebola vaccine which has been in high demand in the last few years since the Ebola outbreak in Africa.

Medicago is a Japanese company which was purchased in 2013 from Québec interests for a price of $357 million.

Denis Lebel, Federal Minister, Philippe Couillard, Premier of Québec, and Régis Labeaume, Mayor of Québec City, were all on hand to make the announcement.

Categories: Business

About Author

Quebec News in English

News from across Quebec. For more Quebec news, business, politics, sport, entertainment, opinion pieces, events and other information please visit our social media accounts: Facebook: facebook.com/lifeinquebec Twitter: twitter.com/lifeinquebec

Write a Comment

Only registered users can comment.