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.

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

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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.

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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.

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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.

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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.

ndebono@postmedia.com

Twitter.com/NormatLFPress

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