International biopharmaceutical company Sanofi announced its newest development in Toronto, a $925 million flu vaccine manufacturing facility in the city’s North York area.
The healthcare company has had a longstanding relationship with the city, with a history dating back 110 years. Earlier this year, the company celebrated the expansion of its AI Research Center.
Mayor Olivia Chow highlighted Sanofi’s local milestones, detailing a strong track record of investment by the company.
“They’ve been here going back to a small lab at the University of Toronto, and they've been growing ever since,” Chow said. “Two years ago, we stood together to celebrate the opening of Sanofi's new biomanufacturing facilities, and today we inaugurate a state-of-the-art vaccine facility.”
The investment is partially funded by the federal government, which is contributing $55 million to the project, with additional funding coming from the City of Toronto.
Premier Doug Ford, who attended the event, said investing in the facility is part of Ontario’s reciprocal investment philosophy.
“We have a rule in Ontario: You invest in Ontario, we're going to invest in you,” Ford said. “This facility will create 300 new, highly skilled, good-paying jobs for our workers and ensure critical life-saving products for Ontario families are being made right here at home by Ontario workers.”
Ford added that after a global pandemic such as COVID-19, it is crucial to have a stable and accessible supply of vaccines.
“During the pandemic, we all learned how important it is to have reliable domestic supplies of critical medicines and vaccines. With this new facility, we're making sure that Ontario has the capacity for generations to come,” he said.
The development announcement comes during the same week Prime Minister Mark Carney’s administration held the first Canada Investment Summit, bringing together international investors from almost 30 countries with access to more than $100 trillion in assets.
The push to strengthen and build international ties and investments comes after trade talks broke down with the U.S. Earlier today, Carney addressed the European Parliament in Strasbourg, where he became the first Canadian prime minister to address the chamber regarding a “unique alliance” and deepening ties.
During the speech, Carney responded to President Donald Trump’s comments regarding cutting U.S. ties with the EU over the proposed alliance, saying, “No one is going to dictate our culture, or with whom we can strike agreements internationally.”
