Teva Invests in Ontario



By: ORIT ALON  
Published: May 26th 2010
in Economics » Israel

generic drugs
Pic: fotolia

The world's largest generic pharmaceutical company is investing $56 million to expand its Stouffville production plant. Ontario is providing a $6.5-million grant toTeva Canada, which will retain 182 high-skilled workers and hire 20 new employees. More than half of the drugs produced by Teva in Canada are exported globally.

 

“Teva Pharmaceuticals is a perfect example of the kind of partner we're looking for in Israel. This is a country where scientists and academic leaders have figured out how to turn today's ideas into tomorrow's new investments. We're here to learn and promote the benefits of doing business with Ontario's life sciences companies." said Ontario Premier Dalton McGuinty.

 

The partnership was announced on the same day McGuinty, and other members of the Ontario delegation, met with scientists at Israel's Weizmann Institute of Science to explore opportunities for new partnerships and investment. The institute is one of the world's foremost research institutions and is recognized for its work on finding new ways to fight hunger and disease, math and computer science research, and pure physics.

 

"Teva's High Potent Product Manufacturing Facility Expansion in Stouffville, Ontario will enable us to secure Canadian and export mandates for high-quality, value-priced generic medicines. This partnership with the Ontario Government to construct an advanced manufacturing facility will increase Teva Canada's capabilities and capacity and allow us to retain and grow high-value jobs in Ontario," said Barry Fishman, President and CEO of Teva Canada.




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