“Very few” candidates to buy Medicago operations

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“Very few” candidates to buy Medicago's operations

Medicago announced on February 2 that it was ceasing its activities in Quebec.

The government of François Legault wants to maintain Medicago's expertise in Quebec, but the Minister of Health #x27;Economy, Pierre Fitzgibbon, recognizes that there are few potential buyers.

There are not many because they would have sold it otherwise, said the minister on Monday on the sidelines of a press conference on the results of Montreal International. Look, a company like Mitsubishi, which is international, doesn't need Pierre Fitzgibbon and [François-Philippe] Champagne (his federal counterpart) to find a buyer. There are very few people in the pharmaceutical field.

Mr. Fitzgibbon did not specify the number of potential buyers in the industry. Although few in number, he reiterates his favorable opinion of Medicago's plant-based vaccine technology.

“It's a technology that we really like. The federal government has put a lot of money into Medicago, but there have still been several hundred million dollars invested to date with zero income. You still have to put that into context. »

—Pierre Fitzgibbon, Minister of the Economy of Quebec

Medicago, whose Quebec plant was never completed, had developed a plant-based vaccine against COVID-19. This vaccine, named Covifenz, had been approved by Health Canada in February 2022, but the World Health Organization (WHO) had subsequently refused its approval for worldwide use because the tobacco company Philip Morris had among its shareholders.

Following the WHO decision, the Japanese company finally announced earlier this month that it had stopped marketing the product. Since that date, Minister Fitzgibbon has been repeating that he is looking for a buyer for Medicago.

In this context, we asked them to give us time to find a buyer potential. Obviously, a potential buyer is going to have to work with us, the federal and the provincial, it's all the same a lot of money, added Mr. Fitzgibbon.

However, the game is not over, recognizes the minister. We hope to find people, but it's not guaranteed yet.

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