Sterinova’s Québec pharmaceutical facility launched with $70 mln

Biologic products company Sterinova Inc has opened its plant in Saint-Hyacinthe, Québec. The launch was made possible by about $70 million in funding from a group of Québec investors. They include the Fonds de solidarité FTQFonds Manufacturier QuébécoisSaint-Hyacinthe Technopole, Desjardins, Investissement Québec and Canada Economic Development for Quebec Regions (CED). Established in 2012, Sterinova specializes in the development and manufacture of sterile, ready-to-use injectable products for domestic and international markets.

PRESS RELEASE

Opening of Sterinova installation in St-Hyacinthe: Nearly $70M in investments and creation of a hundred jobs

Highlights:
Total investment of nearly $70 million
Financial Partners: Fonds de solidarité FTQ, Quebec Manufacturing Fund, Saint-Hyacinthe Technopole via the Pharmaceutical Development Centre in Saint-Hyacinthe, Desjardins, Investissement Québec and Canada Economic Development for Quebec Regions
55 direct jobs already created and fifty more to come
Facilities at the forefront of technology for the development and manufacture of sterile ready-to-use injectable products
Facilities certified by Health Canada

SAINT-HYACINTHE, QC, Oct. 14, 2016 /CNW Telbec/ -Sterinova Inc., a new pharmaceutical company specialized in the development and manufacture of sterile ready-to-use injectable products, inaugurated its plant in Saint-Hyacinthe today. Its products, syringes or premix solutions containers, will meet the specific needs of healthcare professionals. The announcement was made by Jean-Philippe Gentès, president of Sterinova, accompanied by representatives of the financial partners of the company.

The new company, based in Saint-Hyacinthe, in the Montérégie region, is the result of a total investment of approximately $70 million, made by the Fonds de solidarité FTQ, Quebec Manufacturing Fund (QMF), Saint-Hyacinthe Technopole through the Pharmaceutical Development Centre for the construction of the building and the City of Saint-Hyacinthe for guarantee funding, Desjardins, Investissement Québec and Canada Economic Development for Quebec Regions (CED).

“Sterinova is one of the few pharmaceutical companies in the world to be entirely dedicated to the manufacture of ready-to-use injectable products. Its state of the art technology and its production capacity will make Sterinova an important Canadian player on international markets,” declared Jean-Philippe Gentès.

“The Government of Canada supports enterprises that play a fundamental role in economic growth and job creation to improve economic prospects and security of Canadians. As Minister of Innovation, Science and Economic Development and Minister responsible for CED, I aim to help businesses grow, innovate and export, so that they can create quality jobs and wealth for Canadians,” said the Honourable Navdeep Bains.

“The Quebec government is proud to invest $2.3 million in this project that is contributing to the Montérégie region’s economic development. The new plant’s operations will bolster manufacturing in Québec’s life sciences sector and its expertise in the production of value-added products. Our government’s investment is contributing to the establishment of state-of-the-art facilities,” Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy Dominique Anglade noted.

For Gaétan Morin, President and CEO of the Fonds de solidarité FTQ: “Since 1989, we invested $1.2 billion in Quebec’s life sciences industry. This long experience and a specialized team of 8 people allow the Fund to support dynamic entrepreneurs who invest and above who invest in their business. Jean-Philippe Gentès and Bertrand Bolduc, the founders of Sterinova, are the proof of that. We were the at the launch with Léon Gosselin and the Jafaco group, and we are still here with a total investment of $9 million in venture capital.”

Jean Rochette, for the Quebec Manufacturing Fund: “With this $7 million investment in venture capital, the Quebec Manufacturing Fund wants to support Sterinova in achieving its full potential for growth and value creation. We plan to leverage our expertise in manufacturing and business development to support the company in optimizing its operations.”

Located in the City of Biotechnology in Saint-Hyacinthe, one of the most important economic centers in Quebec and Eastern Canada, Sterinova is a site approved by Health Canada since 2015 for the manufacture of sterile biological products. The building of 6,225 m2 (67,000 square feet) was planned to allow to double its size. The plant is equipped with fully automated equipment and the whole production process meets the Canadian Good Manufacturing Practices (cGMP) and they have an objective to meets the European and American requirements.

“Sterinova’s establishment in Saint-Hyacinthe promises worthwhile economic spinoff for the Montérégie region but also from the standpoint of enhancing the region’s influence as a recognized hub for expertise in the pharmaceutical sector. It is also a major asset for the Cité de la biotechnologie, which can rely on a key stakeholder in the life sciences sector to broaden its visibility and consolidate its operations,” Minister for Rehabilitation, Youth Protection, Public Health and Healthy Living and Minister responsible for the Montérégie region Lucie Charlebois said.

About Sterinova
Sterinova develops and manufactures high quality biologic products, more specifically, ready-to-use sterile injectable and premix intravenous bags. Founded in 2012, the company meets the rigorous standards required by the guidelines of Good Manufacturing Practices (GMP). www.sterinova.com

About Economic Development Program for Quebec Regions
The Canada Economic Development for Quebec Regions Program contributes to support for entrepreneurship, business performance, the mobilization of regions and investment in regions while supporting and ad hoc basis, the economic activity in Quebec communities to stabilize or strengthen their economies. For more information: http://www.dec-ced.gc.ca/eng/programs/qedp/index.html

About Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that uses the saving of Quebecers. With net assets of $11.7 billion at May 31, 2016, the Fonds contributes to the creation and maintenance of 187,414 jobs. The Fonds is a partner of more than 2,600 companies and has 618,551 investors-shareholders. fondsftq.com

About Quebec Manufacturing Fund
With a capital of $200 million and sponsored by the Caisse de depot et placement du Québec, the Quebec Manufacturing Fund’s mandate is to identify profitable Quebec manufacturing companies with attractive investment opportunities and having the potential to perform important improvements rapidly. For more information: www.fondsmanufacturier.com

Photo courtesy of Sterinova