Mr. Speaker, the Minister of Industry of Canada announced today a repayable investment of $80 million by Technology Partnerships Canada in BioChem Pharma Inc. of Laval for a vast research and development project, which, if successful, will involve investments of up to $600 million and enable the firm to evolve into a fully integrated biotechnology company in the field of vaccines. About 450 highly skilled scientific and technical jobs will be created in Canada over the life of the project.
The goal of this research and development initiative is to allow BioChem Pharma to develop a new platform technology in recombinant protein vaccine. The company will create a range of innovative vaccines that promise safer, cheaper and more effective treatments of bacterial infections in children and adults.