Justin Trudeau makes funding announcement in Charlottetown

The federal government is spending $37.5 million to help a pharmaceutical company expand in Atlantic Canada.

Prime Minister Justin Trudeau made the announcement today at BioVectra Inc. in Charlottetown, which plans to spend $144 million over five years to expand its operations in Charlottetown and Windsor, N.S.

Trudeau issued a statement saying BioVectra is a leader in producing life-saving treatments for serious illnesses that affect millions of people around the world.

The expansion project is expected to create 150 full-time jobs over five years in P.E.I. and Nova Scotia.

BioVectra President Oliver Technow says the company has spent $25 million per year since 2015 on expanding the business.

He says the company's clients include most of the world's top 20 biopharmaceutical companies.

Earlier in the day, Trudeau spoke at a Liberal fundraising event in Charlottetown.