Apr-2022
Ontario invests $40 million to grow global life sciences sector at Hamilton’s McMaster Innovation Park
Hamilton could become the “catalyst” that will see Ontario become a global hub for biomanufacturing and life sciences growth.
Invest Ontario is providing OmniaBio Inc. with about $40 million in a loan as part of a new $580-million biomanufacturing facility at McMaster Innovation Park on Longwood Road. The goal for the Ontario government is to double venture capital investment in the province’s life sciences sector to $725 million annually from its current five-year average of $361 million by 2030.
Michael May, chair of OmniaBio Inc. and president of CEO of CCRM, which has research facilities in downtown Toronto at the MaRS Centre, said there will be “at least” 250 highly skilled, good-paying jobs with the project.
He said the 250,000-square-foot biomanufacturing facility, the largest of its type in the country, will be built in two phases. The first building will be completed in 2024, with the other one finished in 2025.
Read the full Hamilton Spectator article here