Toronto pharma industry gets boost from Brazilian firm looking for growth
TORONTO—Biolab Farmaceutica, a Brazilian pharmaceutical company looking to go global, has announced plans to invest $8 million in a research and development facility in the GTA.
The company said the initial investment will be in equipment, facilities and technical staff. The facility will operate as an extension of the company’s research and development centre in Brazil.
“When we started planning our R&D centre abroad, we wanted to set it up in an innovative region with incentives and openness to partnerships and business. We found these features in Ontario, which has the ideal conditions for us to move forward in our pursuit of cutting edge innovation,” Biolab’s CEO, Cleiton de Castro Marques, said.
The company noted it consulted Canada’s Consulate General in São Paulo, the Commercial Consul of Ontario in Brazil, the City of Mississauga, and Invest Toronto before making the decision.
“This was an effective partnership among all three levels of government, and the collaborative support was crucial to securing this important investment in the life sciences sector for the Greater Toronto Area,” the company said.
In the initial stages of the project, Biolab said the facility will create 20 specialized professional positions.