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Home Industry News Valeant agrees Hep C sale with Three Rivers

Valeant agrees Hep C sale with Three Rivers

21st December 2007

Valeant Pharmaceuticals has agreed the sale of its hepatitis C drug Infergen to Three Rivers Pharmaceuticals for $91 million (45 million pounds).

The two firms signed an agreement which has seen Valeant divest the US and Canada rights of Infergen in return for $70.8 million in cash and up to $20.5 in two non-contingent payments over the next 18 months.

Three Rivers will be granted all US and Canadian rights for the hepatitis C drug and will also acquire the remaining Infergen inventory.

Timothy C Tyson, president and chief executive officer of Valeant, highlighted that the sale of Infergen was an “important step forward” in the company’s strategy of simplifying operations.

“We believe that by focusing our resources on products and regions where we have the greatest potential for market share growth and profitability, we will be able to improve our margins and yield better long-term shareholder value,” he confirmed.

Three Rivers’ chief executive Donald J Kerrish expressed his delight in taking on the Infergen portfolio, illustrating that it complemented the company’s objective to expand its product range.

Last month, Valeant announced that it had enrolled the first patient in its Phase II clinical trial of retigabine for the treatment of pain associated with postherpetic neuralgia.

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