In the eye of Quebec inc.: Quebec company Valeo Pharma raises $51M and diversifies

In the eye of Quebec inc.: the quebecoise Valeo Pharma raises $51M and diversifies

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Each week, we provide an overview of insider trading, investment in local businesses and news from listed companies.

The company launches into ophthalmology

Sagard Healthcare Partners, a subsidiary of Power Corporation, this week provided a US$40 million (C$51 million) secured loan to Montreal-based Valeo Pharma. The funds will enable Valeo to acquire the Canadian rights to three drugs as well as enter the ophthalmology and allergy sectors. Last fall, Valeo raised $20 million from Investissement Québec and Desjardins customers by issuing debentures (unsecured debt securities).

An SME becomes Quebec again

< p>The Industrial Chimneys Company (ICC) of Saint-Jérôme recently announced the acquisition of Cheminée Lining, a Terrebonne company. Since 2011, the latter belonged to the American group Cleaver-Brooks. Owned by Douglas Singer, Raymond Bonar and André Bibaud, ICC manufactures metal fireplaces, hearths and grills. For its part, Cheminée Lining specializes in commercial ventilation systems, exhaust ducts and freestanding chimneys.

Nice win for a CN executive

Sean Finn, who has served as Canadian National's chief legal officer since 2000, pocketed a profit of more than $315,000 by exercising stock options in the Montreal company last week. In May, he had taken a gain of more than $615,000 the same way. Unlike the Canadian and American stock indices, CN stock has been up since the start of the year.

Large Knight shareholders are selling

George and Simé Armoyan have sold nearly $800,000 worth of Therapeutic Knight shares in the past few days. Despite everything, they remain among the most important shareholders of the Montreal pharmaceutical company, a position they have occupied for several months. These entrepreneurs from English Canada stood out in 2020 by investing massively in the Quebec real estate firm Cominar. The placement enabled them to realize a gain of nearly $100 million, according to La Presse.

Uni-Select buys in Ontario

The distributor of Uni-Select auto parts of Boucherville completed the acquisition of the Ontario family business Maslack this week. Founded in 1959, the latter operates 13 automotive and industrial product stores. Its sales reached more than $52 million last year. This is Uni-Select's first major acquisition since the arrival of new CEO Brian McManus last year.

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