Jun-2024
Ontario Investing $40 Million in Life Sciences Sector
Funding announced at world’s largest Biotech conference will boost homegrown innovation
TORONTO — The Ontario government is investing $40 million from the Venture Ontario Fund, dedicated to helping Ontario life sciences companies and biomanufacturers innovate, grow and compete in global markets. This new funding will help the province’s researchers and companies develop innovative life-saving medicines and technologies of tomorrow.
“Ontario is a life sciences powerhouse with a proud history of cutting-edge innovation and discovery,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Unlocking access to new capital will drive the development and commercialization of home-grown innovations, as well as life-saving health products and services. We look forward to working together to attract new opportunities and investments into our province’s life sciences sector.”
Minister Fedeli announced this investment at the Biotechnology Innovation Organization (BIO) International Convention – the world’s largest life sciences conference, where Ontario led a delegation of 29 life sciences companies and organizations. The mission included meetings with companies like Roche, AbbVie and Astra Zeneca to discuss their current operations in Ontario and opportunities for growth and comes on the heels of Sanofi’s official opening of its $800 million vaccine manufacturing facility, the largest of its kind in Canada.
Ontario will continue to promote strategic industries in key markets to help attract investments that will help rebuild the province’s economy and create good-paying jobs. With a talented workforce, state-of-the-art research and development facilities, award-winning manufacturing and competitive business environment, the province is a prime location for businesses in the life sciences, biotech, and pharmaceutical sectors to invest and grow.