SGF REINVESTS US$14.7M IN AXCAN PHARMA

MONTREAL, Feb. 14 /CNW Telbec/ - Société générale de financement du Québec announces today that it has proceeded with a US$14.7 million equity reinvestment in Axcan Pharma to support the Company in its acquisition of Eurand Pharmaceuticals for US$587 million.  

"This transaction, with one of the leaders of the life sciences industry, is perfectly aligned with the SGF Technologies and Life Sciences Group's development plan, as it involves supporting a high-performance company to spur its international growth," said Jacques Daoust, President and Chief Executive Officer of SGF.  

In 2008, SGF invested US$60 million in debt and equity as part of Axcan Pharma's take-private transaction, initiated by TPG Capital. Eurand is a global specialty pharmaceutical company with expertise in drug manufacturing and a marketed drug, Zenpep, for the treatment of pancreatic enzyme insufficiency. With its additional equity investment, SGF is providing capital to support Axcan's continued growth, as the combination of Axcan with Eurand creates an organization with an enhanced product portfolio, a robust R&D pipeline, an innovative manufacturing platform, and a broader geographical footprint.

About Axcan
Axcan is a privately-held leading specialty pharmaceutical company focused on gastroenterology. The company markets a wide range of products to treat gastrointestinal diseases and disorders, such as Inflammatory Bowel Disease, cholestatic liver and pancreatic enzyme insufficiency.

About SGF
Société générale de financement du Québec (sgfqc.com), an industrial and financial holding company, has a mission to carry out economic development projects, particularly in the industrial sector, in cooperation with partners and in compliance with accepted profitability requirements and with the economic development policy of the Québec government. As part of its new mandate, SGF is authorized by the Québec government to go beyond its traditional role as an equity investor by offering complementary solutions, such as loans, debentures or preferred share investments.

SOURCE Société générale de financement du Québec

For further information:

Sophie Alarie,
Director, Marketing and Public Relations
514 876-9368
salarie@sgfqc.com

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