PARSIPPANY, N.J., and MONTREAL, May 1, 2013 /PRNewswire/ -- Actavis, Inc. (NYSE: ACT), and Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced that Actavis Specialty Brands (the "Company") has acquired worldwide rights to Valeant's Metronidazole 1.3% Vaginal Gel antibiotic development product, a topical antibiotic for the treatment of bacterial vaginosis.
Under the terms of the agreement, Actavis Specialty Brands is acquiring the product for approximately $55 million which includes upfront and certain milestone payments, and minimal royalties for the first three years of commercialization. In the event of generic competition on Metronidazale 1.3%, should Actavis choose to launch an authorized generic product, the Company would share the gross profits of the authorized generic with Valeant.
"We believe this compound has significant potential to help patients in need of new treatment," stated Laizer Kornwasser , executive vice president and company group chairman at Valeant.
"We are very pleased to acquire the rights to an additional potential product that further expands our Women's Health development pipeline, and look forward to the ultimate launch of the product," said Fred Wilkinson , President, Actavis Specialty Brands. "Assuming a filing of later this spring, Metronidazole could potentially launch in the U.S. in mid-2014."
About Actavis, Inc.
Actavis, Inc. (NYSE: ACT) is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, branded generic, specialty brand and bio
|SOURCE Valeant Pharmaceuticals International, Inc.|
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