Valeant Pharmaceuticals And Galderma Agree On Revised Agreement Terms
Valeant Pharmaceuticals International (NYSE: VRX) announced today that the company has reached agreement on terms of a revised North American aesthetics arrangement with Galderma S.A. Under the terms of the revised agreement, Galderma will continue to supply Restylane® and Perlane® to Valeant, under the terms and conditions Galderma currently supplies those products to Medicis Pharmaceutical Corporation (NYSE: MRX). In addition, Valeant will make an upfront payment and a royalty to Galderma on sales of Sculptra®. Among other things, the agreement provides for resolution of all claims asserted in Galderma's pending litigation relating to Valeant's acquisition of Medicis.
In addition, Valeant will obtain North American rights to Emervel®, an innovative, next generation family of hyaluronic acid dermal fillers that are specifically designed to provide both patient tolerability and long-lasting correction of facial lines, contouring and volume loss or lip enhancement. The terms of the agreement are subject to the closing of Valeant's pending acquisition of Medicis, which is expected to occur on December 11, 2012.
"We are pleased to have found a collaborative solution with Galderma to create a long-term working relationship between our two companies," said J. Michael Pearson, chairman and chief executive officer. "The combination of Restylane, Perlane and Sculptra, along with the future addition of Emervel, delivers a broad and strong array of aesthetic product offerings for doctors and patients. With this agreement, Valeant and Galderma will continue to build a leading aesthetics presence in North America."
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