Press release from CNW Group
A first in Quebec: Valeant officially inaugurates its international headquarters in Laval
Tuesday, May 21, 2013
A first in Quebec: Valeant officially inaugurates its international headquarters in Laval19:03 EDT Tuesday, May 21, 2013
LAVAL, QC, May 21, 2013 /CNW Telbec/ - Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced the official inauguration of the Company's new international headquarters in Laval. Valeant's Chairman of the Board and Chief Executive Officer J. Michael Pearson presided over the ceremonies accompanied by Valeant Canada President and General Manager, Jacques Dessureault, the Minister of Higher Education, Research, Science and Technology, Pierre Duchesne, and the Mayor of Laval, Alexandre Duplessis. Valeant has created a precedent by becoming the first and only multinational pharmaceutical firm whose international head office is in Quebec.
"Valeant has always had a strong Canadian presence and with our operations continuing to perform well, we expect to continue to increase our activities here in Canada. Our vision is no less than to become the world leader in the dermatology sector and our commitment is to achieve this here from our base in Quebec, one of our centers for dermatology development," specified Valeant Chairman and CEO J. Michael Pearson.
In recent years, Valeant's winning strategy has led to its growth into the biggest Canadian pharmaceutical firm through a large number of targeted acquisitions. Such actions include the Biovail Corporation-Valeant merger, as well as the acquisitions of Medicis Pharmaceutical Corporation, Dermik, a division of Sanofi, and, more recently, California-based Obagi Medical Products, which specialize in dermatological care.
"Establishing Valeant's international headquarters in the Montreal region provides tangible benefits for Quebec and its economy. Thanks to our actions, we are consolidating high-level jobs in an ultra-specialized sector and are keeping the expertise and know-how in Quebec," added Valeant Canada President and General Manager Jacques Dessureault.
Valeant's acquisition of Dermik in 2011 for approximately $425 million included the land, office building, plant and equipment in Laval. In addition, the Company has invested approximately $70 million in investments for modernizing the facilities and for transferring production from Montreal to Laval.
About Valeant Pharmaceuticals International, Inc.
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, neurology and branded generics. More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.
This press release may contain forward-looking statements, including, but not limited to, statements regarding our expectation to increase our activities here in Canada and becoming the world leader in the dermatology sector. 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 of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report and detailed from time to time in Valeant's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. 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.
SOURCE: Valeant Pharmaceuticals International, Inc.
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Laurie W. Little