$15 Million Investment in
Steinbach, Manitoba Facility and
Transfer of Xifaxan® and Apriso®
Production
$12.5 Million Investment in
Laval, Quebec Facility and
Transfer of Arestin® Production
Increases Local Manufacturing, Jobs and Export
Volume
LAVAL, Quebec, June 17, 2016 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX:VRX)
("Valeant" or the "Company") today 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.
"Our investments reflect our ongoing commitment to growing our
operational presence and export capacity in Canada," said Joseph
C. Papa, chairman and chief executive officer. "Over the
past few days, I have had the opportunity to spend time with our
employees in Steinbach and
Laval, and am struck by the level
of talent and innovation at these world-class manufacturing
centers. 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."
Valeant 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.
Since 2012, Valeant has transferred 27 technologies to Steinbach for manufacturing.
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. Since 2012,
Valeant has transferred numerous technologies to Laval, resulting in the production of 67 new
products.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, gastrointestinal disorders,
eye health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Forward-looking Statements
This press release
contains forward-looking statements. Forward-looking
statements may generally be identified by the use of the words
"anticipates," "expects," "intends," "plans," "should," "could,"
"would," "may," "will," "believes," "estimates," "potential,"
"target," or "continue" and variations or similar expressions.
These statements are based upon the current expectations and
beliefs and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. Readers are cautioned
not to place undue reliance on any of these forward-looking
statements. These forward-looking statements speak only as of
the date hereof. Valeant undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
after the date of this press release or to reflect actual outcomes,
unless required by law.
Contact Information:
Laurie W. Little
laurie.little@valeant.com
or
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.