Canada has now committed more than $1 billion to buy doses of COVID-19 vaccines after securing a fifth deal with Sanofi and GlaxoSmithKline Tuesday.
Procurement Minister Anita Anand said Tuesday that Canada has a deal in place to buy up to 72 million doses of their experimental vaccine candidate, which is just starting the second of three trial phases this month.
In all, Canada has committed $1 billion to buy at least 154 million doses of vaccines from five different companies, and most of that money will not be refunded even if the vaccines never get approved.
“We need to make a substantial investment in order to ensure that Canada is well positioned to secure access to the successful vaccine or vaccines,” Anand said in an interview with The Canadian Press.
‘Bet on multiple horses at the same time’
“The way in which we are doing that is to bet on multiple horses at the same time in order to ensure that as one or more of those horses crosses the finish line we have access to those vaccines,” she said.
Canada has signed deals with Moderna, Pfizer, Novavax, Johnson & Johnson and now Sanofi and GlaxoSmithKline, all of which are among some of the most promising vaccines, but none of which have completed all the required clinical trials, or been approved for use in Canada.
On Sept. 3, Sanofi and GlaxoSmithKline said their vaccine candidate was going to begin Phase 1/2 trials, which will test it on 440 individuals. The hope is the vaccine will be ready for the third and final phase of trials by the end of the year, and approved for use in the first half of 2021.
Moderna has a vaccine in Phase 3 trials, and Pfizer’s is in a combined Phase 2 and 3 trial. Novavax is in a Phase 2 trial, while Johnson & Johnson is in a Phase 1/2 trial.
Public Services and Procurement Minister Anita Anand listens to a question during a news conference in Ottawa on April 16. Anand announced a new deal with Sanofi and GlaxoSmithKline Tuesday. (Adrian Wyld/The Canadian Press)
Most clinical trials have three phases to ensure the safety and effectiveness of the vaccine or drug being developed.
Each phase of a trial adds more volunteers on whom the drug is tested, looking for adverse health effects and whether the vaccine does cause a person to develop antibodies that can protect against COVID-19.
More anti-viral drug also secured
Anand said Canada has also signed an agreement with Gilead Sciences and McKesson Canada to get 150,000 vials of remdesivir, the only antiviral drug that has proven effective at treating patients with COVID-19. Health Canada approved the drug for use on COVID-19 patients at the end of July.
The doses will begin arriving at Canadian hospitals this month.
Canada has also joined the international vaccine co-operative known as the COVAX Facility, which is bringing together wealthy countries with low and middle-income countries to collectively invest in doses of vaccines.
It has not yet announced how much money it will contribute, a figure that was to have come last week but has been delayed. Now Anand says that Canada remains committed to COVAX and more details will be coming soon.
Canada has chosen to participate in both parts of the COVAX program. The first is for any country to join to get access to vaccines, and the second is a fund for wealthy countries to help low-income countries participate.
The Canadian Coalition for Global Health Research and the Canadian Society for International Health have both criticized Canada for acting to buy doses of vaccine for itself, hindering efforts to ensure vaccines that are successful are distributed fairly around the world.
GAVI, the Vaccine Alliance, said Monday that 64 wealthy countries had joined the COVAX Facility, including Canada. The United States has not joined.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
