Teva Invests In Ontario
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.
- 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.
“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.”
“We are pleased that the Premier's trade mission to Israel and The West Bank has helped land a significant investment in Teva's Stouffville operations, adding a significant footprint and creating high-skilled jobs.”
“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.”