Québec City, June 4, 2020 – The Québec government, through Investissement Québec, and Fonds de solidarité FTQ, will set up a co-investment envelope of $150 million over five years, or $75 million each, to support the growth of Québec’s life sciences sector. This initiative is in response to a direct request from industry actors.
Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for the Lanaudière Region, Guy LeBlanc, President and CEO of Investissment Québec, and Gaétan Morin, President and CEO of the Fonds de solidarité FTQ, made the announcement today.
This measure is intended to:
- support:
- Québec life sciences companies, such as those in the medical technology sector,
- existing funds, to allow them to attain an optimal size,
- the formation of management teams,
- research in universities and public research centres;
- attract international life sciences funds, which will provide seed capital for Québec start-ups and work in complementarity to other industry actors;
- foster the development of drug development expertise.
Quotes:
“The life sciences industry has tremendous potential. It is a promising economic sector for Québec with a solid foundation that will allow it to grow quickly. This major investment will support the growth of our companies and encourage innovation. By combining the expertise and capital of Investissement Québec and the Fonds de solidarité FTQ, we will be able to attract top-notch fund managers to Québec and effectively support companies in this sector.”
Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for the Lanaudière Region
“Investissement Québec is committed to working with the other actors in the ecosystem to realize transformative projects that are essential to Québec’s economic development. As the economy gradually restarts and the need to equip Québec with leading-edge expertise in clinical research and medical technology has become crucial, Investissement Québec plans to support the key life sciences sector even more.”
Guy LeBlanc, President and CEO of Investissement Québec
“COVID-19 is a powerful reminder of the importance of R&D in life sciences. Québec is home to hundreds of world-class scientists working in quality research facilities. We’re proud to partner with Investissement Québec and the government to provide them with access to the funding they need to make discoveries that will improve the lives of patients the world over.”
Gaétan Morin, President and CEO of the Fonds de solidarité FTQ
Highlights:
- The mission of Investissement Québec (IQ) is to participate actively in Québec’s economic development by stimulating business innovation, entrepreneurship, ownership transfer and the growth of exports and investment.
- In the past 15 years, IQ has invested close to $235 million as a limited partner in life science funds, through its investment fund team.
- Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. With $16.7 billion in net assets as at November 30, 2019, the Fonds has helped create and protect upwards of 215,000 jobs. The Fonds has more than 3,100 partner companies and over 700,000 shareholder-savers.
- Fonds de solidarité FTQ has invested $1.6 billion since 1989 to support the Québec life sciences sector, thus contributing to the development of new drugs by its partner companies. Its life sciences team consists of nine members, including a senior scientific advisor.
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