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GlaxoSmithKline (GSK) has made a $1.7-billion bid to purchase Vancouver’s ID Biomedical (IDB), one of Canada’s largest biotechnology firms and the primary supplier of the Canadian government’s supply of influenza vaccine.

Late Breaking News

The first shoe has dropped on Industry Canada’s long-awaited overhaul of the much maligned Technology Partnerships Canada (TPC) program. Speaking before the Metropolitan Montreal Board of Trade today, Industry minister Emerson announced the creation of the Transformative Technology Program (TTP), an incubator fund geared towards small- and medium-sized businesses from all sectors.

The Canadian Aerospace Partnership (CAP) is weighing three sets of preliminary recommendations designed to increase the industry’s R&D intensity, establish a national technology network, increase Canadian industrial participation in major international projects and encourage government procurement.

A Quebec-based aerospace research network is making an aggressive pitch to transform itself into a national organization and position itself as a leading contender for a proposed Canadian Aerospace Technology Network (CATN).

The Canadian Academies of Science (CAS) is quickly heading towards operational status with the final appointments to its 12-member board of governors, the selection of an interim president and a growing list of topics being considered for examination by expert panels.

Genome Canada has announced the results of its third major competition and responded forcefully to recent criticism of its funding model and selection process for successful projects. The $167.2 million in funding for 33 new projects commits all of the new money the agency received in the last federal Budget, setting the stage for an extended period of lobbying and business development to determine a new course for the future.

Calvin Stiller has been appointed chair of Genome Canada’s board of directors. Stiller is the former chair and CEO of the Canadian Medical Discoveries Fund, a co-founder of four other venture capital funds and a medical pioneer in the area of xenotransplantation.

CMC Microsystems and PROMPT-Québec have signed an MOU that could lead to the establishment of the first regional node in a planned CMC Microsystems Prototype Network. The two organizations will immediately collaborate to develop a handful of pilot projects and an overall business plan which they will take to the federal and Québec governments for financing.

Observers of the venture capital industry say investment in Ontario is almost certain to decline if the provincial government follows through on its intention to eliminate its 15% tax credit for investments in labour-sponsored investment funds (LSIFs).

Recent speeches by senior government ministers have raised hopes that S&T will climb up the ladder of government priorities and capture a significant share of the growing Budget surplus. Presentations by Finance minister Ralph Goodale have stressed the importance of increasing productivity, while those delivered by Industry minister Dr David Emerson have zeroed in on what is required to enhance competitiveness and innovation.