Drugmaker receives $4 million in federal cash as London’s life sciences sector grows

A London drugmaker to add cutting-edge technology and scale up production for the Canadian market with federal help.

Article content

A London drugmaker to add cutting-edge technology and scale up production for the Canadian market with help from the federal government.

Advertising 2

Article content

Anvo Laboratories is building a 62,000-square-foot (5,760-square-meter) plant that will employ more than 30 people when it opens in 2024. It received $4 million on Wednesday from FedDev Ontario to make the facility state-of-the-art, the company said vice president.

Article content

It’s a big day. We need support. This is a family business and we are not taking investors. It is very, very important, Mukesh Sareen said. This is not a normal manufacturing process. Its high technology, its difficult production. We are doing research and development.

The drugs produced at the plant will treat gastrointestinal, cardiovascular, diabetic and neurological ailments, he added.

Advertising 3

Article content

The money announced today is testament to the growth of the life sciences industry here, said Kapil Lakhotia, chief executive officer of London Economic Development Corp. (LEDC).

In addition to Anvo, Lakhotia pointed to Medicom, a Quebec-based healthcare manufacturer that is building a $120 million plant in London that will employ about 145 people when it opens next year, as a sign of growth in the life sciences sector. city ‚Äč‚Äčlife.

We are also working closely with Research Western to commercialize new medical technologies, Lakhotia added.

Anvo, a building in the Advanced Manufacturing Park at Veterans Memorial Parkway and Bradley Avenue, has offices in Vietnam and Oakville. The London plant will be its first foray into drug manufacturing.

Advertising 4

Article content

Advertising 5

Article content

With this investment, Anvo it can accelerate its production, manufacturing and distribution to provide high-quality medicines at affordable prices, Filomena Tassi, minister for FedDev Ontario, told agribusiness incubator Grove in London on Wednesday.

Since 2015, FedDev has invested $240 million in 45 projects in southern Ontario, all with a focus on health care, added Peter Fragiskatos, Liberal MP for London North Centre.

There has been a continued demand for domestic manufacturing when it comes to pharmaceuticals, he said.



Article content


Postmedia is committed to maintaining a lively but civil discussion forum and encourages all readers to share their views on our articles. Comments can take up to an hour for moderation before appearing on the site. We ask that you keep your comments relevant and respectful. We’ve enabled email notifications – you’ll now receive an email if you get a reply to your comment, there’s an update to a comment thread you follow, or if someone you follow comments. Visit our Community Guidelines for more information and details on how to change your email settings.

Join the conversation

Advertising 1

#Drugmaker #receives #million #federal #cash #Londons #life #sciences #sector #grows
Image Source : lfpress.com

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top