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Home Industry News Valeant announces joint-venture with Meda

Valeant announces joint-venture with Meda

11th August 2008

Valeant Pharmaceuticals has signed an agreement with Meda to collaborate, market and commercialise a number of its existing and future products.

Under the terms of the deal, the companies will form joint ventures in Australia, Canada and Mexico, with each pursuing the regulatory approval of compounds involved and managing the comercialisation of the products.

Valeant will own a minority of each venture and participate in a profit share, with all three being majority-owned by Meda.

Compounds initially covered by the deal will include insomnia drug Sublinox (zolpidem) and pain treatment flupertine.

J Michael Pearson, chairman and chief executive officer of Valeant, said: “I am delighted to join Meda in a strategic partnership that will provide new opportunities for both companies.”

He added the company will be able to increase the leverage of its business operations in the territories concerned, while opening up new market opportunities for Meda.

Earlier this month, Valeant divested its European pharmaceutical business to Meda, selling its segments in eastern and western Europe – but not central Europe – for $392 million (205 million pounds).

Valeant said the move was one of its six strategic initiatives, describing the transaction as a mutually advantageous one which would allow it to better focus on its key strategic markets.

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