Strengthening Ontario, Canada's Life Sciences Sector Ontario Partners with Taro Pharmaceuticals (NYSE:TARO) to Increase Production Capacity
April 29 2014-Ontario, Canada, is helping Taro Pharmaceuticals Inc. invest in new manufacturing and R&D equipment to expand production at its Brampton facility, creating up to 140 new jobs.
The province is contributing $7 million toward the $247 million project, which will increase Taro's plant capacity by 50 per cent and potentially double the number of products it brings to market from 20 to 40. Integrating R&D into the manufacturing process will help the firm supply its clients more efficiently and stay competitive.
Through this project, Taro will anchor its facility in Ontario, keeping highly skilled jobs in the province, reducing supply chain and transportation costs, and ensuring it remains a major life sciences manufacturer in North America.
QUOTES
"This funding will help Taro Pharmaceuticals increase its global competitiveness while keeping highly skilled jobs here in Ontario. We are committed to partnering with companies like Taro to create jobs, attract investment and boost our economic strength for generations to come."
— Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment
"The government's support provides a great opportunity for the community and for our company. This will help us further increase our manufacturing capacity to supply our customers, and also anchor the facility in Ontario rather than elsewhere in the world. Our team looks forward to further expanding our line of high-quality products and reducing supply chain and transportation costs to stay competitive."
— Daryl LeSueur, Vice President, Head of Operations for Taro Pharmaceuticals Inc.
QUICK FACTS
• Ontario is providing $7 million toward the project, which will support $93.3 million in eligible project costs as part of a total investment of $247 million.
• The global generic drug market is estimated to grow to over $400 billion by 2016.
• Ontario's life sciences sector generates $9.1 billion in revenue and exports $5.2 billion in goods.
• Eight of the 10 largest pharmaceutical companies in the world conduct research in Ontario: Pfizer, Johnson & Johnson, Bayer, Roche, Sanofi, GSK, Abbott and AstraZeneca.
• For 2012, Ontario ranked first in North America for the number of foreign direct investment (FDI) projects per capita among states and provinces with a population of more than one million.
LEARN MORE
• Read about Ontario's strengths as a location for business investment.
• See what else Ontario is doing to support research and innovation.
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