LAVAL, Quebec, Nov. 6, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") today announced that its affiliate has
entered into an agreement to divest the Sprout Pharmaceuticals
subsidiary ("Sprout") to a buyer affiliated with former
shareholders of Sprout in exchange for a 6% royalty on global sales
of ADDYI® (flibanserin) beginning 18 months from the
signing of the sale agreement. In connection with the completion of
the sale, Valeant will be released from the ongoing obligations of
the original transaction to split future profits with the former
shareholders, as well as certain related provisions, including the
obligations to make certain marketing and other expenditures.
Additionally, in connection with the completion of the sale, the
existing litigation against the Company brought on behalf of the
former shareholders of Sprout will be dismissed with prejudice.
"Returning Sprout to its former owners will enable us to further
streamline our portfolio and reduce complexity in our business,"
said Joseph C. Papa, chairman and
CEO, Valeant. "As we transform Valeant, we are focusing our
resources on our core businesses to best serve our shareholders,
customers and patients. These areas include eye health,
gastroenterology and dermatology."
ADDYI® is the only approved and commercialized
product of Sprout.
In connection with the sale, Valeant will provide a $25 million loan to fund initial operating
expenses. The sale is expected to close before the end of 2017,
subject to certain closing conditions, including the approval of
the requisite portion of the former shareholders to the amendments
to the original transaction described above.
About Valeant
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 dermatology, gastrointestinal disorders,
eye health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements which
may generally be identified by the use of the words "anticipates,"
"expects," "intends," "plans," "should," "could," "would," "may,"
"will," "believes," "estimates," "potential," "target," or
"continue" and variations or similar expressions. These statements
are based upon the current expectations and beliefs of management
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, risks and uncertainties discussed in the
Company's most recent annual or quarterly report and detailed from
time to time in Valeant's other filings with the Securities and
Exchange Commission and the Canadian Securities Administrators,
which factors are incorporated herein by reference. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements
speak only as of the date hereof. Valeant undertakes no obligation
to update any of these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
actual outcomes, unless required by law.
Investor
Contact:
Arthur Shannon
arthur.shannon@valeant.com
(514) 856-3855
(877) 281-6642 (toll free)
Media Contact:
Lainie Keller
lainie.keller@valeant.com
(908) 927-0617
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SOURCE Valeant Pharmaceuticals International, Inc.