NEWS RELEASE
For Immediate Release
April 29, 2010
Biopharma Firm Expanding Global Reach
McGuinty Government Supports High-Skilled Jobs In Mississauga
NEWS
Ontario is helping an emerging biopharma company attract global business and create close to 100 new jobs in Mississauga.
The province is investing close to $4.2 million through the Biopharmaceutical Investment Program to support Therapure Biopharma, an innovative Ontario biotech company that is winning contracts from global businesses.
The investment will help Therapure Biopharma build a new facility to attract global business for protein-based bioproducts, which treat illnesses such as infectious diseases, cancer and anemia. In addition to creating close to 100 new jobs, the company will retain 40 existing positions.
Investing in research and innovation has been a cornerstone of Ontario’s economic planning since 2003. This investment is part of Ontario’s Innovation Agenda to make innovation a driving force of Ontario’s economy and supports the new Open Ontario Plan to build new opportunities for growth and jobs.
QUOTES
“Ontario is investing strategically to help innovative companies to compete in emerging markets where Ontario can be a global leader. Today’s investment builds Ontario’s research strength and creates jobs and a healthier future for our families.”
— John Milloy, Minister of Research and Innovation
"Today’s announcement reaffirms Ontario's commitment to families by supporting crucial research that saves lives. Mississauga is home to Therapure Biopharma's world-class facility, which employs our residents in high-quality, challenging careers.”
— Bob Delaney, MPP Mississauga-Streetsville
“We are thrilled that the government of Ontario has recognized the strength and potential of Therapure’s resources and talented people with this investment, which will help position our company and Ontario to be an international leader in bio-manufacturing and biosimilars. The support that we are receiving from the Ontario government will help enhance our state-of-the-art facility in Mississauga and improve Therapure’s ability to partner with the biopharmaceutical sector to bring new protein-based therapies to the patient.”
— Thomas G. Wellner, President and CEO , Therapure Biopharma Inc.
QUICK FACTS
- The global market for pharmaceuticals is expected to grow nearly $300 billion over the next five years, reaching $1.1 trillion in 2014.
- Protein-based bioproducts already represent two-thirds of all new drugs produced today.
- Ontario is the largest hub of biomedical activity in Canada and the fourth largest biomedical research centre in North America. There are more than 850 medical/life science companies in Ontario with more than 45,000 employees and annual revenues of approximately $14 billion.
- Between 2005 and 2008, provincial investments in research and innovation leveraged $1.1 billion while helping to advance the knowledge, skills and training of close to 30,000 people.
LEARN MORE
About Ontario’s Innovation Agenda
About the Open Ontario Plan
See also:
- Backgrounder: Ontario Invests in Therapure Biopharma Inc.
