Valeant Pharmaceuticals Intl Inc (NYSE:VRX) 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 toSteinbach 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. (Original Source)

Shares of Valeant are up around one percent in pre-market trading Friday. VRX has a 1-year high of $263.81 and a 1-year low of $22.26. The stock’s 50-day moving average is $27.98 and its 200-day moving average is $61.30.

On the ratings front, Valeant has been the subject of a number of recent research reports. In a report released yesterday, RBC analyst Douglas Miehm reiterated a Hold rating on VRX, with a price target of $33, which implies an upside of 47.2% from current levels. Separately, on June 9, Morgan Stanley’s David Risinger maintained a Hold rating on the stock and has a price target of $36.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Douglas Miehm and David Risinger have a total average return of -11.8% and 0.9% respectively. Miehm has a success rate of 37% and is ranked #3528 out of 3882 analysts, while Risinger has a success rate of 54% and is ranked #1746.

Overall, 3 research analysts have rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $32.08 which is 43.1% above where the stock closed yesterday.

Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology, and branded generics. The company operates through two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets. The Developed Markets segment consists of (i) sales in the U.S. of pharmaceutical products, OTC products, and medical device products, as well as alliance and contract service revenues, in the areas of eye health, dermatology and podiatry, aesthetics and dentistry, (ii) sales in the U.S. of pharmaceutical products indicated for the treatment of neurological and other diseases, as well as alliance revenue from the licensing of various products it developed or acquired, and (iii) pharmaceutical products, OTC products, and medical device products sold in Canada, Australia, New Zealand, Western Europe and Japan. The Emerging Markets segment consists of branded generic pharmaceutical products and pharmaceuticals, OTC products, and medical device products. Products are sold primarily in Central and Eastern Europe (primarily Poland and Russia), Asia, Latin America (Mexico, Brazil, and Argentina and exports out of Mexico to other Latin American markets), Africa and the Middle East.