Valeant To Invest $27.5 Million In Its Canadian Manufacturing Facilities

Valeant Pharmaceuticals International Inc. said Friday it is investing $27.5 million in its Canadian manufacturing and export capacity with plans to upgrade facilities in Steinbach, Manitoba and Laval, Quebec. The investments include $8 million to cover the costs of the transfer of North American production of Xifaxan (rifaximin) and Apriso (mesalamine). Xifaxan is a treatment for hepatic encephalopathy and irritable bowel syndrome and Apriso is used to treat ulcerative colitis. Another $12.5 million will be invested to transfer production of Arestin (minocycline hydrochloride) to Laval. Arestin is an antibiotic treatment for periodontal disease. Shares were up 1.2% in premarket trade, but are down 78% in the year to date, while the S&P 500 has gained 1.7%.

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