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8-K - FORM 8-K - Bausch Health Companies Inc. | a59833e8vk.htm |
EX-10.1 - EX-10.1 - Bausch Health Companies Inc. | a59833exv10w1.htm |
Exhibit 99.1
International Headquarters
7150 Mississauga Road
Mississauga, Ontario L5N 8M5
Phone: 905.286.3000
Fax: 905.286.3050
7150 Mississauga Road
Mississauga, Ontario L5N 8M5
Phone: 905.286.3000
Fax: 905.286.3050
Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com
Laurie W. Little
949-461-6002
laurie.little@valeant.com
VALEANT
PHARMACEUTICALS ANNOUNCES LICENSE AGREEMENT WITH MEDA
FOR NORTH AMERICAN RIGHTS FOR ELIDEL® AND XERESE
FOR NORTH AMERICAN RIGHTS FOR ELIDEL® AND XERESE
Mississauga, Ontario, Canada June 30, 2011 Valeant Pharmaceuticals International, Inc.
(NYSE: VRX) (TSX: VRX) announced today that its subsidiary, Valeant International (Barbados) SRL
(VIB), has signed an agreement to acquire rights to both Elidel (pimecrolimus 1% cream) and Xerese
(acyclovir and hydrocortisone cream 5%/1%) from Meda, an international specialty pharmaceutical
company (listed on Nasdaq Nordic Exchange in Stockholm) for the U.S., Canada and Mexico. Valeant
will pay Meda initial payments of approximately $76 million and over the next 18 months, will pay a
series of potential milestones and royalties totaling approximately $130 million. Thereafter,
Valeant will pay a long term running double digit royalty rate on net sales of Elidel, Xerese and
Zovirax®
including additional minimum royalties of $120 million during
2013 - 2015.
Valeant has exclusive rights to Zovirax in the U.S. and Canada. In addition, Valeant and Meda have
entered into a development agreement for future life cycle management of both Elidel and Xerese.
The transaction is expected to be accretive immediately.
As previously announced, the addition of strong worldwide brand such as Elidel is a
significant enhancement to our growing North American dermatology portfolio, stated J. Michael
Pearson, chairman and chief executive officer. The addition of Xerese, which was recently
approved by the U.S. Food and Drug Administration, gives us a new strong platform for growth and
will be a complementary addition to our dermatology franchise, solidifying our position as a
leading dermatology company. We believe that dermatology is an attractive therapeutic area for
Valeant and will continue to look for opportunities to expand our presence with dermatologists in
our key markets.
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty
pharmaceutical company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.
More information about Valeant Pharmaceuticals International, Inc. can be found at
www.valeant.com.
ZOVIRAX® is a registered trademark of the GlaxoSmithKline group of companies, and is used
under license by Valeant.
Xerese Important Note
Xerese has not been reviewed by the Canadian regulatory authority Health Canada. It may not
be sold or promoted in Canada unless and until the Canadian regulatory authority Health Canada has
approved a New Drug Submission.
Caution Regarding Forward-Looking Information
To the extent any statements made in this document contain information that is not historical,
these statements are forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and
may be forward-looking information as defined under applicable Canadian securities legislation
(collectively, forward-looking statements).
These forward-looking statements relate to, among other things, the license of Elidel and
Xerese by Meda to Valeant and, the impact of Elidel and Xerese on Valeants dermatology portfolio.
Forward-looking statements can generally be identified by the use of words such as believe,
anticipate, expect, estimate, intend, continue, plan, project, will, may,
should, could, would, target, potential and other similar expressions. In addition, any
statements that refer to expectations, projections or other characterizations of future events or
circumstances are forward-looking statements. Actual results may differ materially from those
expressed or implied in such statements. Important factors that could cause actual results to
differ materially from these expectations include, among other things, the impact of Elidel and
Xerese on Valeants dermatology portfolio and the impact of the acquisitions on Valeants results,
and the risk factors as detailed from time to time in Valeants reports filed with the Securities
and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA).
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