In This Article:
BOUCHERVILLE, Québec, June 18, 2024 (GLOBE NEWSWIRE) -- LSL PHARMA GROUP INC. (TSXV: LSL) ("the Company" or "LSL Pharma"), a Canadian integrated pharmaceutical company, is pleased to announce the completion of the acquisition of Virage Santé ("Virage"), a company specializing in the manufacturing and marketing of natural health products ("NHPs"), based in Lévis, Quebec. This acquisition increases LSL Pharma's contract development and manufacturing activities, while creating synergies with its subsidiary LSL Laboratory Inc. ("LSL").
The purchase price of $2.5 million was paid in cash for the acquisition of Virage. The transaction includes an 8,000 sq ft manufacturing plant. The acquisition of Virage will boost LSL Pharma`s revenues by 15-20% annually, as well as broaden its client base which will benefit from the LSL Group`s expanded service offering.
In operation since 1994, Virage enjoys a great reputation for quality and services. It manufactures a range of NHPs in liquid, powder and capsule form, sold under its own brand or under private labels. Virage`s manufacturing activities include blistering, encapsulation, sachet and jar filling, will help expand LSL’s service portfolio.
"We are very pleased with this acquisition, which is in line with LSL Pharma's growth strategy of diversifying our service offering and increasing our contract manufacturing operations to better serve the pharmaceutical sector," says François Roberge, President and CEO. " The company will continue to operate from its current plant and will be supported by LSL Pharma's head office," concludes Mr. Roberge.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents.