LAVAL, Quebec, Dec. 20, 2017 /CNW/ -- Valeant Pharmaceuticals
International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant" or the
"Company") today announced that its affiliate has completed the
divestiture of the Sprout Pharmaceuticals subsidiary ("Sprout") to
Sprout2 Inc., an entity affiliated with certain former shareholders
of Sprout, in exchange for a 6% royalty on global sales of ADDYI®
(flibanserin) beginning in May 2019.
In connection with the sale, Valeant has provided a $25 million loan to fund initial operating
expenses.
In connection with the completion of the sale, Valeant has been
released from the ongoing obligations of the original transaction
to split future profits related to the sale of ADDYI® (flibanserin)
with the former shareholders of Sprout, as well as certain related
provisions, including the obligations to make certain marketing and
other expenditures. Additionally, the parties to the existing
litigation against the Company brought on behalf of the former
shareholders of Sprout have filed a joint stipulation with the
court that such claims be dismissed with prejudice.
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:
|
Media
Contact:
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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.