Listen to this article
Estimated 2 minutes
The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.
Some workers at Biovectra are losing their jobs, and the P.E.I. government says it’s still trying to figure out what the effects will be locally.
Biovectra is a pharmaceutical developer that was founded in 1970 as Diagnostic Chemicals Ltd. by former UPEI dean of science Regis Duffy. It sold to U.S. company Agilent for $1.25 billion in 2024, and has locations in both Prince Edward Island and Nova Scotia.
An emailed statement from Agilent said the company is making “targeted workforce adjustments” in both provinces.
“They reflect current market conditions while also enabling a more streamlined structure with clearer accountability and faster decision-making,” the statement reads.
“While these changes are difficult, they are intended to position the organization for continued success.”
The company said the changes affect “less than 45 employees.”
Province looking into local impact
P.E.I. Workforce and Advanced Learning Minister Zack Bell said Friday that he is isn’t aware of the exact number of employees affected, but provincial officials are working to learn what the impacts will be locally.
P.E.I. Workforce and Advanced Learning Minister Zack Bell says the province is working to find out how many Biovectra jobs were lost locally. (Wayne Thibodeau/CBC)
“I think the next steps will, obviously, be to meet with their senior leadership team, just to get all the details of it,” Bell said.Â
“It is a bigger company, but when we feel those job losses here in the province, it’s greatly affected.”
Bell encouraged anyone affected by the job losses to reach out to SkillsPEI.
In 2021, the province announced a $10-million investment in an expansion at Biovectra’s P.E.I. facility.
A provincial spokesperson said in a statement Friday that $3.6 million of that money went toward equipment, while the remaining $6.4 million was offered in the form of labour rebates.
Biovectra created 125 new jobs between Nova Scotia and Prince Edward Island, including 91 in P.E.I. Because of that investment, the company received $164,651 in labour rebates.