Jubilant Pharmova Limited's wholly owned subsidiary Jubilant Pharma Limited, through one of its wholly owned subsidiaries, Jubilant HollisterStier General Partnership, (JHS) a leading Canada-based pharmaceutical contract manufacturer, has announced that the Government of Quebec, through its agent Investissement Quebec, is granting a loan of CAD 25 million, which includes a forgivable portion of CAD 6.3 million to fund the CAD 100 Mn capacity expansion at the CMO Montreal facility. The loan disbursement is subject to final agreement to be signed between the two parties.
This investment aims to modernize and augment the drug production capacity by over 100% at the Montreal, Canada facility. As part of this initiative, Jubilant HollisterStier will acquire new specialized equipment and equip the plant with a single-use sterile preparation room to maximize the filling process linked to the production of liquid sterile products.
The Minister of Economy and Innovation and Minister responsible for Regional Economic Development, Mr. Pierre Fitzgibbon, made the announcement today.
"This modernization project shows the effervescence that is being created in Montreal in the life sciences. To have a more efficient health network, we must increase our health autonomy. The pandemic has shown us how important it is to strengthen our supply chains, and that is exactly what we are doing today." said Mr Pierre Fitzgibbon.
Christian Dubé, Minister of Health and Social Services said, "Quebec has a strong industrial fabric in life sciences, and the modernization of Jubilant HollisterStier's facilities will further consolidate this key sector. This project will also generate contract development and manufacturing activities for other Quebec biopharmaceutical companies. With the new Québec Life Sciences Strategy, we want to create even more synergies like this between our companies to meet the major health challenges."
Speaking on the announcement, Mr Pramod Yadav, CEO, Jubilant Pharma Limited said, "Jubilant HollisterStier is excited to be chosen as a part of the eco-system being developed by Canada to make it self-dependent for its future needs of vaccines and treatments in case of a pandemic. This funding will enable our continued effort to expand our capabilities in Canada and create more jobs."
"This new agreement is a testament to the contributions of our organization during the current pandemic and public health emergencies over the past two decades. Jubilant HollisterStier's expansion will target large Pharmaceuticals and Biotech companies parenteral products as well as feature a flexible manufacturing platform able to produce several types of vaccines (live, mRNA and inactivated/subunit).," shared Mr Amit Arora, President, Contract Manufacturing Organization (CMO), Jubilant HollisterStier.
Shares of Jubilant Pharmova Limited was last trading in BSE at Rs. 343.20 as compared to the previous close of Rs. 346.30. The total number of shares traded during the day was 1974 in over 439 trades.
The stock hit an intraday high of Rs. 347.05 and intraday low of 340.00. The net turnover during the day was Rs. 677424.00.