Valeant Announces Investments In Canadian Operations

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced that its wholly-owned subsidiary Valeant Canada is expanding its Canadian manufacturing and export capacity with investments totaling $27.5 million in its Steinbach, Manitoba and Laval, Quebec manufacturing facilities.

Valeant noted that it will invest $15 million in its Steinbach, Manitoba facility by the end of 2016, including $7 million in upgrades to product manufacturing technology and $8 million for the transfer of North American production of Xifaxan (rifaximin) and Apriso(mesalamine).

Xifaxan is prescribed to relieve symptoms of hepatic encephalopathy and irritable bowel syndrome and Apriso is used to treat ulcerative colitis. These investments will support the facility's growth and expand its role as a key exporter of leading healthcare products while ensuring robust security for products traveling through international distribution channels.

Valeant also announced $12.5 million of investments in its Laval, Quebec facility, which includes $10 million to upgrade product manufacturing technology, as well as $2.5 million associated with the transfer of production of Arestin (minocycline hydrochloride) to Laval. The transfer of Arestin, an antibiotic treatment for periodontal disease, will create 15 new engineering and production jobs and builds upon the transfer of Jublia production to Quebec earlier this year.