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Printed Jan 22, 2025 • 3 minute learn
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The unfinished Anvo Pharma facility on Bonder Highway in London is proven empty and on the market on Jan. 16, 2025. (Mike Hensen/The )
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A drug maker that landed in London with fanfare and a federal authorities pledge of a $4-million mortgage has closed its doorways.
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Work has ceased on the Anvo Pharma plant on Bonder Highway earlier than it even opened its doorways. The constructing and lot are on the market.
However Anvo Pharma has pledged to repay the federal mortgage after the corporate obtained $3.2 million of the full, stated London North Centre Liberal MP Peter Fragiskatos.
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“What’s important is that the loan must be repaid. The company must repay that amount and they’re in the process of carrying that out. There’s a payment schedule they have agreed to,” Fragiskatos stated.
The corporate obtained its closing fee in March 2024, and compensation has to start one yr after that, which means compensation will start in March of this yr, he stated.
As for why Anvo Pharma shut down, Fragiskatos couldn’t remark.
“They’ve made a business decision to go in a different direction. I don’t know the specifics of that. They haven’t communicated that and they’re a private company,” he stated. “Repayment is etched in stone, it’s part of the agreement and carries the force of law.”
Anvo Pharma couldn’t be reached for remark. It has an workplace in Oakville.
FedDev Ontario, a federally funded financial growth company for the area, stated it’s in common contact with Anvo relating to the mortgage and compensation.
However it declined additional remark, including “information regarding details of a contribution agreement cannot be shared” because of confidentiality, the company stated in an e-mail to The Free Press.
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Anvo was introduced in London in 2020, celebrated by the London Financial Improvement Corp. on the time as diversifying the health-care enterprise sector within the metropolis.
Then-Ward 13 Coun. Arielle Kayabaga, left, and then-London West MP Kate Younger participate in a groundbreaking ceremony for a brand new Anvo Laboratories plant on Bonder Highway in London on Friday, Sept. 18, 2020. (Mike Hensen/The )
Sources near the producer advised Anvo Pharma bumped into monetary points and couldn’t perform the enlargement. The London plant was to be its first foray into drug manufacturing. Anvo is solely within the enterprise of promoting medication, representing drug producers in Europe, Canada and New Zealand.
In 2023, when it was introduced Anvo Pharma would obtain assist from FedDev Ontario, firm vice-president Mukesh Sareen stated on the time the London plant was not investor-funded, including it’s a “family business.”
“This is not a normal manufacturing process. It’s high technology, it’s difficult to manufacture,” he stated on the time.
The plant was going to make medication to deal with gastrointestinal, cardiovascular, diabetic and neurological issues, he added on the time.
It’s looking for traders to avoid wasting the London plant, stated Kapil Lakhotia, chief government London Financial Improvement Corp.
“It’s rare and unfortunate when a company changes course mid-project due to changing business pressures,” stated Lakhotia. “We understand they’re exploring several options. They’re searching for strategic partners, talking to investors.”
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Lakhotia couldn’t say why Anvo shuttered its London operation.
“Building a pharmaceutical plant, there are a lot of moving pieces such as capital and expertise in making these products,” he stated.
Anvo broke floor on the London plant, positioned within the Superior Manufacturing Park at Veterans Memorial Parkway and Bradley Avenue, in September 2020. Work stopped on the plant through the summer season of 2024.
The constructing on a two-hectare lot are on the market, listed with CBRE for $10.5 million. It was listed in December.
Medicom, a Quebec-based health-care producer, is constructing a $120-million plant in London throughout the road from the Anvo plant, Lakhotia stated.
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