Laval, April 3, 2012 - Québec premier Jean Charest, accompanied by Sam Hamad, minister of economic development, innovation and export trade and minister responsible for the Capitale-Nationale region, announced $6 million in funding for Valeant Canada Ltd., the Canadian subsidiary of the multinational Valeant Pharmaceuticals International Inc. This amount comprises a $3.5 million grant and a $2.5 million interest-free loan, both administered by Investissement Québec.
The project, estimated at over $20 million, involves three major initiatives: enlarging and modernizing the Laboratoire Dr. Renaud subsidiary's plant in Laval, setting up an international center of excellence in cosmeceuticals and dermatology, and establishing Valeant Pharmaceuticals International Inc.'s global headquarters in the Greater Montreal Area. The project as a whole will generate 50 jobs and maintain 300 permanent jobs in Laval.
"Thanks to government support, this project will establish the international headquarters of a large, cutting-edge pharmaceutical business for the first time in Québec. Valeant's three major initiatives will strengthen the biopharmaceutical industry in Québec, a key pillar of our economy. It is essential to continue helping Québec companies maintain, and even increase, their visibility in the global biopharmaceutical industry. This is why the Québec government promotes and supports this industry's development with concrete, innovative measures to help them handle the global economic turmoil and overcome the challenges of competition," said premier Jean Charest.
"We have built a very competitive biopharmaceutical industry in Québec, with a highly skilled workforce, an effective technology innovation system, recognized R&D know-how, and state-of-the-art facilities. It's a matter of building on these assets and promoting them in order to attract companies, investment, and capital to the province. Québec remains a prime location for world class investment projects," added minister Sam Hamad.
"We are very pleased about this strategic partnership with the Québec government. Its financial support was a key factor in Valeant's decision to establish its international headquarters in Québec. This project supports our growth strategy and strengthens our positioning as a leading pharmaceutical company in the area of dermatological products," stressed J. Michael Pearson, president and CEO of Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX : VRX) is an international specialty pharmaceutical company that develops, manufactures, and markets a wide range of mainly neurological, dermatological, and generic pharmaceutical products.
Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees, and equity investments to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
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Office of the Premier
Office of the Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region
Media Relations Officer
Service des affaires publiques
Ministère du Développement économique, de l'Innovation et de l'Exportation
418-691-5698, ext. 4868
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