MONTREAL – The Quebec-based biopharmaceutical firm that produced a COVID-19 vaccine is being shut down by parent company Mitsubishi Chemical.
The Japanese chemical company said Thursday it would stop marketing the Medicago-produced Covifenz vaccine, which is plant-based and was approved by Health Canada one year ago for adults aged 18 to 64.
Mitsubishi Chemical said it had been preparing to commercially produce the Covifenz vaccine but decided against doing so because of the “significant changes” in the COVID-19 vaccine environment.
The company said it would dissolve Medicago because it is no longer “viable” to continue marketing its products.
Quebec Economy Minister Pierre Fitzgibbon says the province is working with the federal government and Mitsubishi to find a buyer for Medicago, which he says develops important technology for the life sciences sector.
Fitzgibbon says the government wants Medicago’s expertise and skilled workforce to remain in Quebec, adding that a loan the province gave the company in 2015 will be repaid.
In May 2015, Quebec and Ottawa announced loans of $60 million and $8 million, respectively, for the construction of a complex in the Quebec City region to house Medicago’s activities.
This report by The Canadian Press was first published Feb. 3, 2023.
