SME universe | The ophthalmic route of the LSL Pharma Group

After having made two laboratory acquisitions in 2024, the LSL Pharma Group has other major ambitions for 2025. At the heart of these: the development of new ophthalmic products in its Stéri-Med factory.

“There is an incredible opportunity, because there are very few factories that are capable of manufacturing ophthalmic ointments,” emphasizes Luc Mainville, executive vice-president and chief financial officer for LSL.

Steri-Med, in Upton, is one of them. In particular, erythromycin ophthalmic ointment is manufactured there, generally applied to the eyes of newborns.

The number of manufacturers is so limited that last year, Stéri-Med was called in to supply ophthalmic ointments to the United States, because they found themselves in short supply. The Food and Drug Administration (FDA) has granted them temporary approval for the occasion – the laboratory also hopes to receive its permanent approval in the coming weeks.

Luc Mainville and François Roberge, who is President and CEO of LSL Pharma Group, wish to use Stéri-Med’s facilities and expertise to develop generic versions of several specialized ophthalmic ocular products that are currently not manufactured by anyone, given that the volume of consumers is not considered sufficient by several large pharmaceutical companies.

However, investing in a large number of these smaller markets is a niche considered interesting for Stéri-Med. A new production line will be installed on its premises in 2025 and will accelerate product development activities, in addition to quintupling production capacities.

Four laboratories

The LSL Pharma head office, in Boucherville, brings together the administrative offices to operate its four laboratories.

If Stéri-Med specializes in ophthalmics, the other three are more dedicated to the production of tablets, powders, creams and liquids, mainly for external customers.

First there was the LSL laboratory, in La Pocatière. The other two were acquired in 2024: Virage Santé, in Lévis, and Dermolab Pharma, in Sainte-Julie.

Several generic non-prescription medications that we frequently see on pharmacy shelves are produced by LSL: for example, we can think of tablets from the Personnelle, Life or Biomedic brands.

Target 100 million

François Roberge comes from the pharmaceutical field. Luc Mainville, former M&A partner at KPMG, joined him specifically to help him execute his growth plan.

The two men think big: they want to bring LSL to a turnover of 100 million. They are not closing the door to other acquisitions.

“I really believe in Quebec, Canadian manufacturing. We saw it a little in COVID, what it can create, the supply problems, when it comes from outside. If we had had Dermolab at the time, we could have made syrups or acetaminophen for children,” says François Roberge.

The LSL Group is a public company, listed on the stock exchange since 1^is March 2023. François Roberge is the main shareholder, with more or less 20% of the shares.

The turnover in 2023 was around 8 million, and it is estimated at 18 million for 2024. The company plans to exceed the 30 million mark by 2025. After nine months in 2024, it declared a loss of 1 .2 million.

In total, Groupe LSL employs just over 200 people.

3 millions

This is the amount that the lumber processing company Les Bois du Fjord, located in Saguenay–Lac-Saint-Jean, is investing in an expansion project at its Saint-Ambroise factory. This includes “the addition of an automated wood sorting and classification system, including fifteen boxes allowing mechanical stacking, as well as an inkjet printer to mark the grades directly on the wood”, explains company president Dany Tremblay. The government of Quebec and Investissement Québec are supporting the company with loans totaling 2.5 million.

Healthybud raises 1.5 million

Dog food and treats company Healthybud has raised $1.5 million to accelerate its expansion in North America. Half of this amount comes from Investissement Québec, and the rest from private investments. John Hart, founder and former CEO of Eagle Pack Pet Food, is among the notable investors. Located in Montreal, Healthybud specializes in freeze-dried raw meals and treats promoting animal well-being. The company is targeting an annual turnover of 10 million by the end of 2026.

New bread for St-Méthode

Boulangerie St-Méthode continues to expand its range of products with a new bread, called Grains Gourmets. This is added to the options in its health range, the company highlighting its fiber and vegetable protein content, in addition to the fact that it is free of added fat and sugar. It also includes sunflower meal, a by-product of sunflower oil production. “By recovering this ingredient rich in proteins and fibers, Boulangerie St-Méthode valorizes an often underused resource while reducing food waste,” says the company from Adstock, in Chaudière-Appalaches, in a press release.

Sale of Construction Materials Létourneau

Brothers Jocelyn and Gaétan Létourneau sold their two renovation centers, located in Sherbrooke and Waterville, to businesswoman Geneviève Gagnon. Les Matériaux de Construction Létourneau, whose main clients are large construction contractors in Estrie, employ 60 people and will continue their activities under the same trademark. Geneviève Gagnon was already at the head of several companies related to construction, namely the GAGNON hardware stores, the Évolution Structures manufacturing plants as well as the Évolution Distribution group purchasing services.