Green Cross Biotherapeutics, a Canadian subsidiary of South Korea’s Green Cross Corporation, will build a new $400 million plasma fractionation plant in Technoparc Montréal, with plans to create more than 200 jobs in Québec.

In 2014, the Québec government granted $25 million to the company that specializes in the development and manufacture of plasma-derived products. The grant includes a non-repayable financial contribution of $8 million and a $17 million loan in support of this project.

“The opening of this new plasma fractionation plant is extremely important for Québec’s life sciences sector because this project is the largest investment in the past few years. Through the Québec Life Sciences Strategy, our government is ensuring that this ecosystem is complete and competitive. We are working to attract more major investment projects like that of Green Cross Biotherapeutics,” said Dominique Anglade, Deputy Premier, Minister of Economy, Science and Innovation, and Minister responsible for the Digital Strategy.

“The Québec government is pleased to welcome this new player into Québec’s biopharmaceutical sector, with its plasma-derived products such as immunoglobulin and albumin. The Green Cross Biotherapeutics plant in Montréal will give us a safe, local supply of these products, which are essential to a multitude of treatments,” said Gaétan Barrette, Minister of Health and Social Services.

“The arrival of this key player in the life sciences industry confirms the tremendous appeal of Québec and its metropolis to major investment projects. Our business environment is competitive and advantageous to foreign businesses wishing to settle here, just like Green Cross Biotherapeutics,” said Martin Coiteux, Minister of Municipal Affairs, Regions and Land Occupancy, Minister of Public Security, and Minister responsible for the Montréal region.

“The establishment of Green Cross Biotherapeutics in Technoparc Montréal will create considerable economic benefits for the metropolis and the constituency of Saint-Laurent, as well as create hundreds of specialized jobs. This project will also help enhance the synergy among the different life sciences stakeholders in Montréal and throughout Québec,” Jean-Marc Fournier, Member for Saint-Laurent, Minister responsible for Canadian Relations and the Canadian Francophonie, and Government House Leader said.