Stéphanie Doyle: Lately, there’s been a lot of talk about financing and access to capital in an uncertain economic context. How do you see this situation impacting life sciences companies?
Maxime Pesant: The financing market has slowed down, and public markets aren’t any more dynamic. The unpredictability of the U.S. administration, particularly regarding tariffs, is also affecting pharmaceutical companies. In short, there’s a lot of uncertainty, and investors are taking more time before deciding on their next placements, which slows down market activity.
That said, Quebec and Canada have strong assets: a talented workforce, a favorable environment for innovation, and a strong entrepreneurial spirit. These strengths need to be leveraged. While we have these assets, the sector remains underfunded, particularly in terms of angel and institutional investments. Yet, the life sciences and health technologies sector is highly profitable for investors. Successful companies generate significant returns while having a concrete impact on health and innovation, making this sector both a strategic and high-potential investment opportunity.
S.D.: But didn’t this lack of funding already exist before the current economic situation?
M.P.: Indeed, this isn’t new. You can even go back to 2002, when I started in life sciences at Caisse de dépôt. Although the impact of Biochem Pharma was still very present, there was already a withdrawal of institutional investment at that time. This structural underfunding still underpins today’s challenges. We need more capital to better fund our funds, our companies, and ideally support anchor companies.
Since its creation in 1983, the Fonds de solidarité FTQ has made it its mission to combine returns with impact, even during challenging economic periods. We remain focused on innovation, because disease doesn’t pause. Over the past year, we’ve reflected on our strategy and reaffirmed our confidence in the life sciences and health technologies sector. We want to support entrepreneurial talent, help launch companies—selectively, because we cannot assume all risks—and remain very active in the ecosystem. We also want to continue being actively involved in the sector, including with Montréal InVivo and other associations. It’s important to remember that life sciences and health technology investments are profitable: the Fonds has invested in this sector for over 35 years, generating very attractive returns.
S.D.: Beyond financing, what other challenges do you observe?
M.P.: Technology transfer is a real challenge. Our universities generate excellent innovations, but entrepreneurs often find the access process long and cumbersome. Early-stage funding is also very difficult for young companies. Finally, we must ensure that local talent has real development opportunities.
S.D.: Does this create a risk of these companies leaving Quebec?
M.P.: It’s possible. Europe, particularly the U.K., is deploying very attractive measures to attract researchers and entrepreneurs, which creates direct international competition for our talent. If we don’t invest more in research and innovation, we risk losing experts to these foreign markets. The U.S. remains highly attractive, especially due to better access to capital and favorable financial conditions. That said, funding difficulties are a global issue: even our American partners face similar obstacles. In this geopolitical context, much will depend on public policies we implement to remain competitive, retain our talent, and keep companies here.
S.D.: Which recent projects illustrate the Fonds’ impact well?
M.P.: We recently announced the creation of Oligon Therapeutics, a company specializing in multi-target RNA drugs. Our partner CTI identified this technology and helped establish its headquarters in Quebec, strengthening the RNA sector. We’ve been following this project since 2022, and it clearly shows that building companies takes time and resources—but with committed partners, the outcome is very powerful. The company will also be able to develop local talent as it grows.
Another example is Epitopea, based on Dr. Claude Perreault’s research at the University of Montreal on cancer-specific antigens. These are projects we’re very proud of because they demonstrate the importance of active involvement in the ecosystem.
S.D.: What excites you most about the life sciences sector?
M.P.: The impact. Seeing that our investments contribute to developing treatments for cancer or debilitating diseases gives meaning to our work. Sometimes, we meet people directly affected by the diseases we’re working on: seeing the hope this creates is incredibly powerful. It perfectly reflects the Fonds’ mission: generating returns while improving patients’ health.
S.D.: And in your role at the Fonds de solidarité FTQ ?
M.P.: What attracted me initially was the team. After 14 years at AmorChem, I wanted a new step in a new role and to join an environment sharing a common vision. At the Fonds de solidarité FTQ, I found colleagues who are passionate, competent, and deeply aligned with the organization’s values. This cohesion and collective energy motivated me to invest myself fully. Today, it’s a privilege not only to lead this team but also, through it, to have a concrete, positive impact on society.
S.D.: How do you balance professional and personal life?
M.P.: I’m still learning, but three things help me: loving my work, being present for my family, and practicing sports. With my partner, we’re both professional parents, so I have to be careful and selective in my commitments. I never answer emails on weekends—that’s a rule I respect. Sports also give me a lot: I run regularly, constantly challenge myself, and practice alpine skiing, one of my great passions. It helps me maintain balance.
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