Valeant to invest $2.5M in Laval, Que. plant as shares plunge
Project will create 15 jobs in Quebec while rocky investment climate continues for Canadian pharma giant
LAVAL, Que.—The Canadian wing of Valeant Pharmaceuticals International Inc. is putting another $2.5 million into its manufacturing plant just outside of Montreal.
As the company’s share price reels from a tough day on the markets following a disappointing quarterly report, Valeant has announced it will continue its efforts to shift production of some drugs to Canada. The $2.5 million investment will bring North American production of Arestin—an antibiotic used to treat gum disease, to Laval, Que.
“Our Laval facility has once again been selected as a production site for the U.S. market due to its operational effectiveness good reputation, competitive environment convenient location,” Jacques Dessureault, president and general manager of the company’s Canadian operations, said.
The investment and production shift will bring 15 new jobs to Quebec.
Valeant shares plunged nearly 15 per cent in trading June 7 after the company missed earnings expectations and adjusted its outlook. Shares have declined more than 90 per cent from their highs last year.