Teva Invests In Ontario
May 25, 2010 2:05 PM
Premier McGuinty Welcomes Partnership With Global Pharma Company
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 to Teva 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.
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.
After meeting with its President, Daniel Zaifman, the Premier toured a molecular genetics lab at the Institute and expressed interest in appointing a Chief Scientist to advise the Government of Ontario on research and scientific opportunities to help create jobs.
Following that visit, McGuinty met with the CEO and scientists from Ramot at Tel Aviv University. While there he saw how Israel’s leading research university turns new discoveries into high-skilled jobs and new investments.
QUICK FACTS
- Teva Canada’s parent company, Teva Pharmaceutical Industries Limited, employs 35,000 people around the world.
- Ontario’s life sciences industry employs more than 40,000 people at about 850 companies with revenues of $15 billion a year.
- Ontario is home to 25 research and academic hospitals employing 10,000 scientists and researchers.
- The Weizmann Institute of Science is home to 2,500 scientists, students, technicians and support staff.
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From the Editor:TEVA is of particular interest to me as they are the makers of Copaxone® a drug which I used for 2 years to manage Multiple Sclerosis; for myself, it was very useful and provided good results throughout the time I administered the once daily injections.
