Canadian pharmaceutical company Biovail Corp. has received a $50-million US commitment from Export Development Canada under the Crown corporation’s broader mandate to provide domestic financing and insurance.
The federal Crown corporation said Thursday it has committed $50 million US towards a $400-million US revolving credit facility for Biovail, Canada’s largest publicly traded pharmaceutical company.
The EDC, which primarily provides various types of financing to enable Canadian companies to complete foreign deals, received a two-year expansion in March as part of the federal government’s efforts to loosen tight credit conditions.
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