Valeant plots significant investment in Canadian operations
Valeant Pharmaceuticals (NYSE: VRX) has announced that it plans to expand its Canadian operations with a $27.5 million expansion of its manufacturing and export capacity at its sites in Steinbach, Manitoba and Laval, Quebec.
Its Steinbach expansion will see $7 million in upgrades to its product manufacturing technology and $8 million for the transfer of North American production of Xifaxan (rixafimin) and Apriso (mesalamine). In Laval, $10 million will go towards upgrading product manufacturing technology while $2.5 million will facilitate the transfer of production of Arestin (minocycline hydrochloride) to the facility.
These moves form parts of Valeant’s wider move towards Canadian operations, which has seen it transfer 27 technologies to Steinbach manufacturing and produce 67 new products at its Laval facility since 2012.
Valeant CEO, Joseh Papa, says: “Our investments reflect our ongoing commitment to growing our operational presence and export capacity in Canada. These facilities play a critical role in advancing healthcare technology both in Canada, and around the globe, and we are proud to take on an even larger role in further bolstering Canada’s life sciences economy.”
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