The Caisse de dépôt et placement du Québec is investing in a private pharmaceutical company.
The investment in the Quebec-based Corealis Pharma Inc., a company that partners with the pharmaceutical and biotechnology sector organizations to produce tablets, capsules and granules, has seen average annual sales growth above 15 per cent since it was founded in 2005.
The capital generated by the investment is expected to be used to expand the company’s drug development services. In a press release, Kim Thomassin, executive vice-president and head of Quebec for the Caisse, described the company as a leader in the provincial pharmaceutical sector.
“CDPQ recognizes the extensive expertise of the co-founders and is delighted to take a stake. . . in Corealis, a Quebec-based pharmaceutical services company that is recognize for its technical abilities here and across North America.”
The Caisse is also entering into exclusive negotiations to purchase a stake in the Quebec-based subsidiary of a French vegetable producer.
The institutional investor is expected to acquire a 32.5 per cent share in Bonduelle Americas Long Life, a subsidy of the Bonduelle Group. Best known for processing and marketing canned and frozen vegetables sold under the Arctic Gardens and Del Monte Canada names, the subsidiary generated revenues of $943 million in 2021.
Also invited into the exclusive negotiations, the Quebec-based development capital fund Fonds de solidarité FTQ appears set to take its own 32.5 per cent share in the business. The negotiations value the subsidy at $850 million, with the transaction expected to close within a few weeks following consultations with employee representatives and regulatory approval.
Following the investment’s finalization, Bonduelle Americas Long Life is expected to further develop its branded activities. In a press release, Thomassin also noted the brand would expand its presence in the U.S. “Alongside our partners, we look forward to pursuing Bonduelle Americas Long Life’s ambitions expansion plan to consolidate its position as a Canadian leader and further develop the U.S. market.”