With the help of government agencies, Canada's Pharmascience has taken the wraps off of its $40 million expansion, opening up new R&D labs and offices in Montreal. And the company says it will hire up an additional 180 workers by 2012 to staff its growing operations.
"Rooted in sound expertise recognized by the generic drug sector, the R&D competencies we have developed allow us to diversify. The facilities, which we are inaugurating today, are a concrete part of our strategy, which involves long-term planning to develop and adapt to new markets, and investments to accelerate our growth," said COO Mario Deschamps. Pharmascience is a subsidiary of Joddes Limited, which is a big shareholder in Paladin Labs, a drug developer.
To help with the expansion Canada Economic Development awarded $3.5 million in repayable funding to Pharmascience under the Business and Regional Growth program to increase its production capacity.
- read the Pharmascience release
- look at the release from Canada Economic Development
- and here's the story from Tech Finance