This transaction strengthens JAMP Pharma Group's position as an industry leader and addresses the increasing demand for locally manufactured pharmaceutical products.
BOUCHERVILLE, QC, Feb. 29, 2024 /CNW/ - JAMP Pharma Group, a leading company in the Canadian pharmaceutical industry for over 35 years, announces today, subject to Superior Court approval and the fulfillment of customary closing conditions, the acquisition of the assets of Pharmalab's manufacturing facility in Lévis, which ceased operations in August 2023.
JAMP Pharma Group is proud to acquire and relaunch the manufacturing operations of this plant at a time when governments, customers, and partners are calling for more local procurement solutions. Currently, only 12% of pharmaceutical products consumed by Canadians are made domestically. This acquisition thus strengthens the Canadian supply chain and contributes to addressing drug shortages, an issue that was particularly highlighted during the pandemic.
"For several years, healthcare professionals and patients have had to deal with inventory shortages. Our ambition was to bolster the local manufacturing capacity to facilitate access to affordable medicine and healthcare solutions. This is a significant milestone for Quebec and Canada. In addition to positively contributing to the creation of wealth in Quebec, JAMP Pharma Group becomes one of the largest Canadian-owned pharmaceutical companies," said Louis Pilon, President and CEO of JAMP Pharma Group.
The company plans to make substantial investments in research and development to bring new product formulations to market and ensure the continuous supply of several new generic products. This acquisition will enable the company to repatriate the production of tablets, capsules, oral liquids, and oral powders to Canada. This production autonomy will allow JAMP Pharma Group to enhance its level of service to its customers and partners while ensuring continuity in patient treatments.
The integration of the plant - spanning over 100,000 square feet - into JAMP Pharma Group's operations will be gradual. An assessment of the facilities and equipment will be conducted to ensure the plant meets the highest industry standards. The need for skilled labour will also be studied; JAMP Pharma Group aims to hire a significant portion of the 250 former Pharmalab employees, adding them to its current workforce of over 700 employees.
JAMP Pharma Group would like to take this opportunity to sincerely thank its partners, employees, customers, as well as the Fonds de solidarité FTQ, a partner of JAMP Pharma Group. Thanks to them, JAMP Pharma Group can continue dedicating itself to creating a brighter healthier future for all, one patient and one customer at a time.
"This recent acquisition by JAMP Pharma Group demonstrates its leadership in the Canadian generic drug industry and its commitment to the economic development of Quebec. Fonds de solidarité FTQ is proud to have supported the growth of this Canadian flagship since 2016 and continues to support the company in its future endeavours," said Patrice Jolivet, Vice-President, Investments - Agri-Food and Health at Fonds de solidarité FTQ.
About JAMP Pharma Group
JAMP Pharma Group is a Canadian organization headquartered in Boucherville, in the greater Montreal area. Having experienced exceptional growth over the past 10 years, JAMP Pharma Group is present in all segments of the pharmaceutical market with a portfolio of over 325 molecules and is one of the industry leaders in terms of annual prescription volume1. With over 130 new products authorized for sale by Health Canada in the past three years, JAMP Pharma Group is the Canadian leader in product launches2, thereby constantly providing new and improved treatment options for Canadians, including many specialty drugs. The addition of a new local manufacturing site supports JAMP Pharma Group's vision of becoming the largest Canadian-owned pharmaceutical company.
In addition to its generic division, JAMP Pharma Group owns several divisions such as Orimed, BioJAMP, Wampole, Laboratoire Suisse, and Cosmetic Import, also offering prescription and branded products, biosimilars, and 180 over-the-counter products, as well as a varied range of vitamins, supplements, and natural health products. The JAMP CareMC patient support program is designed to assist both patients, and healthcare professionals in the use of specialty drugs and biosimilars offered by JAMP Pharma Group.
Website: JAMP Pharma Group (https://www.jamppharma.ca/en/).
1 - Source: Internal data. |
2 - Source: Internal data |
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SOURCE JAMP Pharma Group
For any inquiries: Benjamin Bouchard, [email protected]
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