Radiopharmaceutical company AtomVie Global Radiopharma Inc. recently announced that they are moving forward with a $138 million expansion in Hamilton that will sustain 131 existing jobs and create 70 new jobs.
The investment is also supported by $5 million from the Government of Ontario through the Invest Ontario Fund.
Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation, and Trade, was at the investment announcement along with other provincial officials.
“AtomVie’s investment is terrific news for Hamilton workers and strengthens Ontario’s position as a global leader in the production and delivery of radiopharmaceuticals,” said Fedeli.
“With global demand for targeted therapies set to ramp up in the years ahead, AtomVie’s expanded Hamilton facility adds a critical link to our province’s life sciences supply chain and ensures that the production and research of life-saving medical treatments happen right here in Ontario.”
AtomVie was founded out of McMaster University’s Centre for Probe Development and Commercialization and is the only large-scale Contract Development and Manufacturing Organization in Canada that specializes in radiopharmaceuticals.
The expansion, which involves a move to a new 70,000-square-foot facility at 10 Aeropark Blvd. beside the YHM1 Amazon Fulfillment Centre on Hamilton Mountain, will allow the company to increase production capacity to support clinical trials and commercial manufacturing of pharmaceuticals.
Their technologies have been enabling more targeted therapies to battle cancer by more precisely avoiding healthy cells, leading to fewer side effects than traditional oncology treatments.
Bruno Paquin, Chief Executive Officer at AtomVie, commented, “We are proud to make this significant investment in Ontario’s life sciences ecosystem.”
“With more than $138 million committed by AtomVie, this facility will expand access to high-quality radiopharmaceutical manufacturing and ensure that innovative therapies can reach patients who need them. Ontario’s strong nuclear medicine infrastructure and growing radiopharmaceutical community make it the ideal home for this next phase of growth.”
The province of Ontario has attracted over $6 billion in life sciences investments since 2018 and is home to almost 2,000 life sciences firms that export over $11.8 billion annually and employ more than 74,000 people.
AtomVie’s investment is the third major project announced by the Government of Ontario as of late.
On Dec. 1, the Ontario government welcomed a $238 million investment from Marvell Technology Inc., a leader in data infrastructure semiconductor solutions, which will see them launch a new office in Toronto, upscale their operations in Ottawa and York Region, and establish a new optical lab.
The expansion will create up to 350 new jobs.
On Dec. 2, the Ontario government welcomed an investment of nearly $24 million by Alinova Canada Inc. to build Canada’s first non-GMO soymilk powder processing plant in Morrisburg, Ontario.
That investment will create 15 jobs.
Based in Hamilton, he reaches hundreds of thousands of people monthly on Facebook, Instagram, TikTok, and Twitter. He has been published in The Hamilton Spectator, Stoney Creek News, and Bay Observer. He has also been a segment host with Cable 14 Hamilton. In 2017, he received the Chancellor Full Tuition Scholarship from the University of Ottawa (BA, 2022). He has also received the Governor General’s Academic Medal. He formerly worked in a non-partisan role on Parliament Hill in Ottawa.
