AstraZeneca Canada and Pfizer Canada partner with Quebec government

The NEOMED Institute is a new public-private partnership between biopharmaceutical companies and the Quebec government.

A new life sciences research centre will be established in Quebec thanks to a partnership between AstraZeneca Canada, Pfizer Canada and the provincial government.

The NEOMED Institute has two key goals - to create a bridge between academic research and life sciences companies, and to facilitate synergies between the main members of the biotech industry.

AstraZeneca Canada is donating $35 million to the institute, with Pfizer contributing $3.5 million and the Quebec government providing $28 million.

More than 100 people will work at the facility, which will provide an open and collaborative environment for biopharmaceutical research and development.

Max Fehlmann, president and chief executive officer of the new institute, said: "The cost of discovering new drugs keeps rising and pharmaceutical companies need to adapt.

"The NEOMED Institute, acting as a competitive actor in the drug development sector, will allow Quebec's scientists to make the bridge between academic innovations and commercial opportunities in a better way."