Mitsubishi Chemical Group is shutting down Medicago Inc., a COVID-19 vaccine manufacturer with headquarters in Quebec City.
Medicago owner Mitsubishi Chemical Group said on Thursday that it was terminating "all its activities with Medicago," citing "significant changes" to the vaccine market.Owner Mitsubishi Chemical Group blames decision on 'significant changes' to vaccine marketQuebec City-based vaccine maker Medicago Inc., is being shut down by owner Mitsubishi Chemical Group., and it was touted as a homegrown shot against SARS-CoV-2.
"Furthermore, the group judged that it was not viable to continue to invest in the commercialization of Medicago's development products and therefore chose to terminate all its activities with Medicago and proceed with an orderly dissolution of its business affairs and activities," the statement says.
"Dissolution proceedings will take place in due course in accordance with local laws and regulations," it said.Canada's federal government invested $173 million into the company in 2020 to help the company develop the vaccine and its Quebec production facility. Ottawa also signed a deal to buy 20 million doses of the vaccine, with an option for 56 million more.
Big Tobacco's divestment from Quebec's Medicago 'a step in the right direction' for its COVID vaccine
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Medicago to cease operations in Quebec, scuttling COVID-19 vaccine production plans | Globalnews.caMedicago has shut down its COVID-19 vaccine project in Quebec after its sole shareholder decided to no longer invest in the company, the company announced Thursday.
Read more »
COVID-19 update: Quebec reports eight more deathsThe province\u0027s death toll since the start of the pandemic now stands at 17,962.
Read more »
COVID-19 Kraken subvariant continues to spread in QuebecOfficially known as XBB.1.5, it\u0027s the only variant whose spread is growing significantly, Quebec\u0027s public health institute said Wednesday.
Read more »
It is always sunny in Burnaby: New breakfast spot just opened its doorsQuebec-based breakfast chain Pür & Simple, opens its doors in Metrotown.
Read more »
Quebec owner 'surprised' her car used in Vaughan mall crash-and-grabThe Quebec woman whose stolen black 2011 Audi S4 was used in a crash\u002Dand\u002Dgrab Wednesday at Vaughan Mills Mall can’t believe it happened.
Read more »
Liberals resist Tory, Bloc push for Quebec language law to rule federally regulated businessesThe Bloc and Conservatives made it clear that they are siding with the Quebec government as the parliamentary committee studies Bill C\u002D13.
Read more »