Connaught Biosciences Inc., one of Canada’s most respected private laboratories and its leading producer of vaccines, has been taken over by a French company. The action was criticized by many Canadian scientists and politicians.
The federal Cabinet cleared the way for Connaught’s purchase by France’s Institut Merieux after Investment Canada, an agency of the Canadian government, said the change would provide “net benefits” to Canada.
Investment Canada has the power to block foreign purchases of Canadian businesses worth more than $25-million (Canadian).
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