Gilead Sciences, Inc. (NASDAQ:GILD) Announces $100 Million Investment To Expand Its Presence In Canada

American biopharmaceutical giant company, Gilead Sciences, Inc. (NASDAQ:GILD) reported it will invest an additional capital of $100 million to expand its operations in Edmonton. The expansion, expected to complete in 2017, comprises the construction of a new processing tower and manufacturing building, which will have unique spray drying technology. It is an advanced technology that will enable absorption of pharmaceutical ingredients much better.

The celebrations

Couple of days ago, Gilead Sciences, Inc. (NASDAQ:GILD), celebrated the grand inauguration of one of its two planned brand new advanced buildings. The new facility is expected to build on an investment of about $200 million. As of now, the company employs over 300 individuals in the capital city and with the construction of new pharmaceutical laboratory in Northeast Edmonton the number of employees will increase to 383.

The construction work of the second building has started, and is expected to complete by spring 2016. It will recruit an additional 86 scientists. The two buildings will cover area of almost 184,000 square feet and will permit biopharmaceutical giant to recruit additional 170 employees by 2017.

The management speaks

Dr. Robin Nicol, General Manager of Gilead Alberta, said that it is just the start and there is a lot more to come. The new buildings are a great opportunity to expand the capacity in Edmonton and to develop drugs targeting different therapeutic areas including cardiovascular, HIV, cancer and liver disease.

Don Iveson, Edmonton Mayor, who marked his presence at the grand opening of first building, said that the expansion of Gilead in the city will go a long way to build Edmonton’s economic diversity. He added that biopharmaceutical is a recession-proof industry. It is something beyond and above gas and oil, the performance of which is not dependent on the price of oil. Gilead has initiated the development of HCV and HIV treatments offered as once-daily single tablet.

 

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Scott Sally

Scott Sally

Sally joined the US Markets Daily News Team in April 2011 as a Multimedia Journalist.