Pharmascience Inc., a Canadian generic-drug company, announced plans to invest $55.7 million by the end of 2016 to modernize its R&D facilities and increase its production capacity in Greater Montreal.

Of the $55.7 million, $8.2 million will go towards the modernization of the company's R&D facilities to facilitate the development of new products for international markets. The additional $47.5 million will support new production, packaging, and quality-management technologies.

The announcement was made in the presence of Jacques Daoust, Minister of the Economy, Innovation and Exports, and Pierre Arcand, Minister of Energy and Natural Resources and MNA for Mont-Royal. The investment was made possible by financial contributions of $4 million from Investissement Québec and $800,000 from Emploi Québec, which will enable Pharmascience to pursue a diversification strategy based on the development of new products and an increased international profile.

Source: Pharmascience