LAVAL, Quebec, Feb. 27, 2018 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") today announced its subsidiary has
entered into an exclusive license agreement with Kaken
Pharmaceutical Co., Ltd., ("Kaken") to develop and commercialize
products containing a new chemical entity, KP-470, which is an
investigational compound for the topical treatment of psoriasis. If
approved, KP-470 will represent a novel drug with an alternate
mechanism of action in the topical treatment of the disease.
Under the terms of the licensing agreement, Kaken has granted to
Valeant an exclusive license to develop and commercialize topical
products containing KP-470 to treat dermatological and
rheumatological disorders and conditions. Valeant will have rights
to develop and commercialize products with KP-470 in the United States, Canada, and Western and Eastern Europe.
"Investing in our core businesses and enhancing our pipeline for
future growth is critical to the successful transformation of
Valeant," said Joseph C. Papa,
chairman and CEO, Valeant. "With an innovative mechanism of action,
KP-470 has the potential to offer novel treatment options for the
millions of people around the world who suffer from this
debilitating disease."
"Medical dermatology remains a key therapeutic area of focus for
the Company, and we are dedicated to developing new treatment
options that complement our suite of medicines that treat
psoriasis, as well as fungal infections, acne and atopic
dermatitis," Papa continued.
Kaken will receive an upfront cash payment and has the potential
to receive certain development-based milestone payments, as well as
additional milestone payments based on the achievement of certain
annual sales milestones. Additionally, Kaken will receive royalties
on Valeant's net sales of the products.
About Kaken
Kaken (Tokyo Stock Exchange: 4521) is a
Japanese specialty pharmaceutical company with a strong presence in
the market of dermatology (antifungals) and orthopedics. The
company's primary areas of R&D focus include inflammation,
immunology (dermatitis, rheumatoid arthritis and osteoarthritis),
pain and antifungals.
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 news 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 news release or to reflect actual outcomes, unless
required by law.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@valeant.com
|
lainie.keller@valeant.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Valeant Pharmaceuticals International, Inc.