Investment demonstrates the Government of Canada’s commitment to grow domestic biomanufacturing apacity and to build preparedness for future pandemics
TORONTO, March 31, 2021 /CNW/ – Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, together with the Honourable Patty Hajdu, Minister of Health, announced an investment of up to $415 million to support Sanofi Pasteur Limited (Sanofi) in building an end-to-end influenza vaccine manufacturing facility in Toronto, Ontario. This new facility will ensure drug product formulation, fill-and-finish and inspection. As part of this project, Sanofi will invest more than $455 million as well as create and maintain 1,225 highly skilled jobs in Canada. The Government of Ontario will also invest $55 million, making this a $925-million project. In addition, the company will also invest at least $79 million a year to fund Canadian research and development
After a global search, Sanofi has chosen Canada as the home of its international production and distribution centre for their high-dose seasonal influenza vaccine, FLUZONE® High Dose Quadrivalent Influenza Vaccine (FLUZONE® HD QIV). In addition to creating jobs and funding Canadian research, this facility means better pandemic preparedness for all Canadians. In the event of a future flu outbreak, Sanofi will be able to manufacture pandemic influenza vaccine at population scale at its new Toronto facility. It will have the capacity to produce enough vaccine doses to support the entire Canadian population within approximately six months of the World Health Organization (WHO) identifying a pandemic influenza strain.
The COVID-19 pandemic has highlighted the need for a strong domestic biomanufacturing sector. Today’s announcement will not only reinforce Canada’s biomanufacturing capacity but also strengthen our country’s pandemic preparedness.
Over the last 12 months, the government has made investments of more than $1 billion to advance industrial research and development in vaccines and pharmaceuticals as well as expand biomanufacturing capacity. It will continue enhancing pandemic preparedness today and in the future by making Canada more self-sufficient while reducing exposure to possible future economic impacts and supply chain challenges.
Quotes
“Today’s announcement demonstrates Canada’s ability to attract foreign investments and to develop facilities with made-in-Canada solutions. This once-in-a-generation investment shows our government’s commitment to rebuilding Canada’s domestic biomanufacturing sector, focusing on both short-term strategic solutions and a long–term vision. By investing in this project, our government is helping to keep expertise in Canada, creating and maintaining highly skilled jobs, and securing the health and safety of Canadians. By fostering an environment where companies can invest and grow, leading life sciences firms like Sanofi are increasingly looking to Canada to establish their manufacturing facilities.” – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This major new investment in biomanufacturing is an important step forward for Canada. Building on our domestic capacity to produce pandemic influenza vaccine is all part of our commitment to protect the health and safety of all Canadians now and in the years to come.” – The Honourable Patty Hajdu, Minister of Health
“This is a critical investment as it will create 300 high quality jobs and push Ontario toward becoming less reliant on others for the production of flu and potentially other vaccines. By supporting companies like Sanofi we will continue to strengthen our excellent pharmaceutical sector and ensure we are prepared for future public health events with Made in Ontario products.” – The Honourable Doug Ford, Premier of Ontario
“It has never been more critical that we build up our domestic production capacity to supply Ontario and all of Canada with flu vaccines. Ontario is the economic engine of Canada, and we can make anything here with our skilled workforce, life sciences sector and strong supply chains. This partnership will build on Ontario’s bio-manufacturing capacity, save lives, create new jobs, and, help prepare us for any future pandemic emergency.” – The Honourable Victor Fedeli, Ontario Minister of Minister of Economic Development, Job Creation and Trade
“The expansion of Sanofi’s Toronto Site is a true testament to the strength of Toronto’s medical and healthcare sector. This new vaccine manufacturing facility in Toronto will not only give confidence to Canadians that work is underway to address the ongoing need for vaccines now and in the future but that Toronto is a city in which businesses can grow and thrive. I want to thank everyone involved including my colleague Deputy Mayor Michael Thompson for playing a role in bringing this partnership to fruition and helping us improve our ability to create vaccines domestically which will ensure that we are prepared in the future.” – His Worship John Tory, Mayor of Toronto
“As a leading vaccines company, we continuously look ahead to address the fast-growing demand for those influenza vaccines that have demonstrated clinical superiority against standard-dose vaccines. This new investment to produce FLUZONE® High-Dose Quadrivalent will help ensure more seniors around the world are better protected against influenza. In addition, it will be a key resource to assist against future pandemics. We welcome the ongoing partnership with the Canadian authorities, who supported us to make today’s great news a reality. This will make the country, which has a strong legacy in vaccines research and development, one of our key hubs in our effort to protect and improve human health across the globe.” – Paul Hudson, Chief Executive Officer, Sanofi
Quick facts
Sanofi is a leading pharmaceutical manufacturer and a global leader in the development of drugs and vaccines.
Sanofi has been present in Canada since 1917, with the majority of their Canadian operations located in Laval and Toronto. Sanofi has a long history at the Toronto site, where many advances in vaccines have been made in the past century.
Sanofi already makes nine products in Toronto and is investing an additional $500 million in the construction of a separate diphtheria, tetanus and pertussis vaccine facility.
In addition to the 1,225 highly skilled jobs created and maintained in Canada, another 200 co-op positions will be created through this project.
Thus far, the Government of Canada has invested in ten firms through SIF that accelerate vaccine, therapy and biomanufacturing capacity in Canada.
Today’s contribution and other actions the government has taken are informed by the recommendations of the Joint Biomanufacturing Subcommittee of the COVID-19 Vaccine and Therapeutic task forces.
Sanofi Canada has signed on to the Government of Canada’s50 – 30 Challenge, pledging to increase the representation and inclusion of diverse groups within their workplace by attaining gender parity and significant representation of under-represented groups within their senior leadership.
SOURCE Innovation, Science and Economic Development Canada
For further information: Contacts: John Power, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, [email protected] ; Media Relations, Innovation, Science and Economic Development Canada, [email protected]
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
